Greenlight Capital Re has reported higher premiums but ultimately a major downturn for its net income for the third quarter and nine months ended September 30.
The company recorded gross premiums written of US$184.4 million for the third quarter, a 9.5% increase compared to the same period in 2024. Net premiums earned rose 8.9% to US$165.4 million.
Net underwriting income for the quarter was US$22.3 million, up from US$6.1 million in the prior year. The combined ratio improved to 86.6% from 95.9%. Greenlight Re reported a total investment loss of US$17.4 million, compared to investment income of US$30.3 million in the third quarter of 2024.
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However, the company posted a net loss of US$4.4 million compared to net income of US$35.2 million in the prior-year quarter. Greenlight Re repurchased US$2.0 million of shares at an average cost of US$12.88 per share. Fully diluted book value per share decreased 0.4% to US$18.90 from US$18.97 at June 30, 2025.
Earlier in the year, Greenlight Capital Re reported gross premiums written of US$210.2 million for the second quarter, representing a 14.2% increase year-over-year. Net premiums earned for the quarter reached US$164.7 million, up 7.3%.
Chief executive officer Greg Richardson (pictured above) said, “We demonstrated our ability to achieve strong margins, supported by robust performance in our underwriting book and favorable catastrophe loss activity. These results underscore the effectiveness of our strategy, the quality of our risk selection, and our performance-driven culture.”
For the nine months ended September 30, 2025, gross premiums written totaled US$612.0 million, up 10.3% from the same period in 2024. Net premiums earned increased 5.0% to US$495.5 million. Net underwriting income was US$22.6 million, compared to US$9.8 million in the prior-year period. The combined ratio for the nine months was 95.4%, compared to 97.9% in the same period last year.
Total investment income for the nine months was US$15.3 million, down from US$77.0 million in the prior year. Net income for the period was US$25.6 million compared to US$70.2 million in the prior year. Fully diluted book value per share increased 5.3% to US$18.90 from US$18.72 at December 31, 2024.
Last year, AM Best revised its outlook for Greenlight Re to positive and affirmed its A- (Excellent) financial strength rating. The rating agency cited improved operating performance and underwriting profitability as factors in its decision, noting that the company had achieved full-year underwriting profitability for the first time in 2023 and had shown several years of improvement in return on equity and revenue growth.
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