Greenlight Re has disclosed a sharp improvement in underwriting performance for Q1 2026, swinging to a profit and delivering higher net income despite lower premium volumes.
The Cayman Islands-based reinsurer posted net income of $35.8m for the opening quarter of the year, up from $29.6m in Q1 2025.
Meanwhile, gross premiums written fell to $227.9m from $247.9m, while net premiums written declined to $183.5m from $219.4m.
Net premiums earned also decreased year on year to $154.1m, compared with $168.5m in Q1 2025.
Despite the top-line contraction, Greenlight Re’s underwriting results improved significantly, with the firm reporting net underwriting income of $6.2m versus a loss of $7.8m a year earlier.
At the same time, the firm’s combined ratio strengthened to 96.0% in Q1 2026 from 104.6%, driven by a lower loss ratio of 59.1% (down from 72.9%).
Greenlight Re’s total investment income was broadly stable at $40.4m for the opening quarter of the year, compared with $40.5m in Q1 2025, including $33.7m of income from its investment in Solasglas.
Greg Richardson, Chief Executive Officer of Greenlight Re, commented, “We have had a good start to the year with both sides of our balance sheet contributing to growth in book value per share. Our underwriting book continues to demonstrate disciplined profitability with a combined ratio of 96.0%.”
David Einhorn, Chairman of the Board of Directors, said, “The Solasglas investment portfolio gained a solid 6.8% in the first quarter during a choppy period for the market.
“The Company continues its capital allocation discipline and repurchased, through April, approximately 2.4% of its shares to capture the discount being offered in the market.”
