Cayman Islands-domiciled Greenlight Capital Re, Ltd., a provider of multiline property and casualty insurance and reinsurance, has reported a rise in net income to $3.2 million for Q3’26 compared to a net loss of $4.4 million in Q3’25.
As net income rebounded in the quarter, for the first nine months of 2026, net income dropped to $9.4 million from $25.6 million in 9M’25.
The re/insurer recorded a decrease in net underwriting income for Q3’26 to $14.6 million, compared to $22.3 million in Q3’25. For 9M’26, net underwriting income came down to $20.6 million compared to $22.6 million in 9M’25.
For Q3’26, gross written premiums (GWP) decreased slightly by 1% to $181.9 million, down from $184.4 million in Q3’25. For 9M’26, GWP decreased by 3% to $592.9 million from $611.9 million in 9M’25.
In Q3’26, net premiums written (NPW) were down to $142.7 million, compared to $162.6 million in Q3’25. NPW for 9M’26 reported a similar trend, down to $472.9 million compared to $546.6 million for 9M’25.
For the quarter, net premiums earned (NPE) decreased 7% to $153.4 million from $165.4 million in Q3’25. For 9M’26, NPE was down 5% to $469.4 million from $495.5 million in 9M’25.
The lower underwriting income saw the combined ratio increase to 90.5% in Q3’26, compared to 86.6% in Q3’25. The CoR for 9M’26 stayed broadly stable at 95.6%, compared to 95.4% in 9M’25.
Greenlight Re generated a total investment loss of $4.6 million, compared to a loss of $17.4 million in Q3’25, as total investment income for 9M’26 was down to $12 million, compared to $15.3 million for 9M’25.
Greg Richardson, Chief Executive Officer, Greenlight Re, commented, “We are pleased to report strong underwriting income in the third quarter, aided by a relatively benign catastrophe and large loss environment. The conservative reserving approach we took on Middle East–related exposures last quarter has developed favorably, and our year-to-date underwriting result is now trending in line with our expectations.”
David Einhorn, Chairman, Board of Directors, said, “The third quarter continued to be challenging for our investment portfolio and Solasglas returned -3.3%. However, our good underwriting result, coupled by gains on our Innovations portfolio and buybacks, contributed to an increase in fully diluted book value per share.”
