Greenlight Capital Re Q1 Earnings Call Highlights

1 week ago 10

MarketBeat

Wed, May 6, 2026 astatine 11:41 AM CDT 9 min read

Greenlight Capital Re logo

Key Points

Strong Q1 results: Greenlight Capital Re reported Q1 nett income of $35.8 million and a 4.7% summation successful afloat diluted publication worth per stock to $21.40, driven by a 6.8% quarterly instrumentality successful its Solasglas portfolio and underwriting income that produced a combined ratio of 96.0% (including a $5 cardinal proviso tied to the Middle East conflict).
Business premix and premiums: Management stayed disciplined amid softening reinsurance rates, causing open-market re-net written premiums to autumn 22.7% to $151.3 cardinal and prompting non-renewal of definite Japanese catastrophe business, portion the Innovation conception grew gross written premiums 73% to $47.6 cardinal but posted an underwriting nonaccomplishment with a 102.3% combined ratio.
Investments and superior return: The Solasglas money returned 6.8% successful Q1 (shorts contributed astir of the gain), nett vulnerability was astir 41% astatine quarter-end, and the institution repurchased ~$14.5 cardinal of shares YTD and authorized a caller $40 million buyback program.
Interested successful Greenlight Capital Re, Ltd.? Here are 5 stocks we similar better.

Greenlight Capital Re (NASDAQ:GLRE) reported first-quarter 2026 nett income of $35.8 million, arsenic beardown concern show and an underwriting nett drove a 4.7% summation successful afloat diluted publication worth per stock to $21.40, absorption said connected the company’s net call.

Chief Executive Officer Greg Richardson said results were supported by a 6.8% quarterly instrumentality successful the company’s Solasglas concern portfolio and underwriting income of $6.2 million, which produced a combined ratio of 96.0%.

Underwriting show included Middle East struggle proviso

→ 3 Emerging Markets ETFs to Maximize Exposure to High-Potential Countries

Richardson said the first-quarter underwriting effect included a $5 cardinal proviso “linked to the Middle East conflict,” which helium said added 3.2 points to the combined ratio. He described the concern arsenic “fluid,” noting that portion a ceasefire was successful place, “significant uncertainty remains.” Richardson said the institution received “an immaterial magnitude of ceremonial nonaccomplishment notifications” successful the 4th and elected to acceptable a wide proviso fixed the uncertainty.

Chief Financial Officer Faramarz Romer said full underwriting income was $6.2 million, and the combined ratio was 96%, which helium said was 8.6 points amended than the archetypal 4th of 2025. Romer attributed the year-over-year betterment chiefly to little catastrophe and lawsuit losses and favorable nonaccomplishment development, partially offset by higher acquisition and disbursal ratios.

Lower feline and lawsuit losses: Romer said the first-quarter 2026 combined ratio benefited from “10.5 points of betterment owed to little feline and lawsuit losses,” with feline and lawsuit losses contributing 5.8 combined ratio points versus 18.1 points successful the prior-year quarter, which included California wildfire losses.
Favorable development: Romer said favorable nonaccomplishment improvement contributed 4.1 points of betterment successful the combined ratio.
Higher costs: He said the payment was “offset by 4 points of higher acquisition outgo ratio and 1.2 points of higher disbursal ratio.”