Cayman Islands-based reinsurer Greenlight Capital Re has posted a net income of $74.8m for 2025, up from $42.8m in 2024, while gross premiums written increased 11% to $773.3m.
Greenlight Re’s net premiums earned also rose 7% to $661.1m in 2025, while net underwriting income expanded to $35.7m, compared with an underwriting loss of $8.2m in the prior year.
Reflecting the improved underwriting performance, the reinsurer’s combined ratio improved to 94.6%, from 101.4% in 2024.
Meanwhile, investment results declined year-on-year, with total investment income of $60.2m, compared with $79.6m in the previous year.
In Q4 2025 alone, Greenlight Re reported net income of $49.3m, compared with a net loss of $27.4m in the same period of 2024.
Quarterly gross premiums written rose 12% to $161.3m, while net premiums earned increased 12% to $165.6m.
The firm generated net underwriting income of $13m in Q4 2025, compared with an underwriting loss of $18m in Q4 2024, driving a combined ratio of 92.1%, versus 112.1%.
Investment performance was a major contributor to the quarterly result, with total investment income of $44.8m, compared with $2.6m in the prior-year quarter.
Greg Richardson, Chief Executive Officer of Greenlight Re, said, “We are proud of our fourth quarter 2025 underwriting results, which resulted in a combined ratio of 92.1%, allowing us to close the year with a record underwriting income and a combined ratio of 94.6%.
“Growth in gross premiums written and net premiums earned, coupled with our expanded investment income and our strong combined ratio, resulted in book value growth of 8.1% in the fourth quarter.”
David Einhorn, Chairman of the Board of Directors, commented, “Greenlight Re had a solid year, with good results on both sides of the balance sheet; it grew fully-diluted book value per share 13.8%, above its cost of equity.
“I want to congratulate Greg and the team on the improved performance. The Solasglas investment portfolio gained 7.9% during the fourth quarter, with gains and positive alpha from longs, shorts and macro and returned 7.5% for the year, with most of the gains coming from macro.”
