Greenlight Re strengthened its underwriting performance in the first half of 2026, posting $6 million of underwriting income and improving its combined ratio to 98.1%, although weaker investment returns drove net income down to $6.2 million.
The Cayman Islands-based reinsurer’s H1 2026 underwriting result compared with $0.3 million in the prior-year period, while the combined ratio improved from 99.9% in H1 2025.
Meanwhile, Greenlight Re’s gross premiums written fell 4% year on year to $411.1 million in H1 2026, while net premiums earned also declined 4% to $316 million.
The firm’s total investment income fell to $16.6 million in H1 2026 from $32.7 million in H1 2025, contributing to the aforementioned decline in earnings.
In Q2 2026 alone, the reinsurer posted a net loss of $29.6 million, compared with net income of $0.3 million in the prior-year quarter.
At the same time, gross premiums written increased 2% to $183.1 million in Q2 2026, while net premiums earned edged up to $161.8 million.
However, Greenlight Re recorded a net underwriting loss of $0.2 million in Q2 2026, compared with underwriting income of $8.1 million in the second quarter of 2025, as the combined ratio deteriorated to 100.1% from 95.0%, driven by catastrophe losses.
The Cayman Islands-based firm also reported a total investment loss of $23.8 million in Q2 2026, compared with a loss of $7.8 million a year earlier.
Greg Richardson, Chief Executive Officer of Greenlight Re, commented, “Volatility is inherent in our business, and this quarter is a good reminder of the important role we play in helping our clients when they need us most.
“We have taken a prudent approach to our Middle East exposure and have set up appropriate reserves this quarter. I am pleased with our portfolio as we continue to demonstrate discipline and manage capital in a softening market.”
David Einhorn, Chairman of the Board of Directors, added, “The second quarter was a challenging investment period. Gains from our long portfolio offset losses in our short portfolio, and we had drag from macro, which detracted about 5%. Solasglas remains conservatively positioned during this uncertain environment, while the overall equity market remains very expensive.”
