GLRE · Greenlight Capital Re, Ltd.

Greenlight Capital Re demonstrated a significant turnaround in underwriting performance during the first quarter of 2026, shifting from an underwriting loss in the prior year period to a $6.2 million income. This improvement was driven by a combined ratio of 96.0%, a substantial improvement from 104.6% in Q1 2025. The loss ratio decreased to 59.1% from 72.9%, attributed to disciplined profitability and the non-renewal of casualty business with unattractive pricing. Gross premiums written decreased 8% to $227.9 million, reflecting targeted portfolio actions and downward premium adjustments. The Open Market segment contributed underwriting income of $6.8 million, recovering from a loss in the prior year, while the Innovations segment saw gross premiums written increase 73% to $47.6 million.

Investment results provided a solid complement to underwriting gains. The Solasglas investment portfolio, managed by DME Advisors, returned 6.8% for the quarter, contributing to total investment income of $40.4 million. This performance supported the growth in fully diluted book value per share, which increased 4.7% to $21.40 from $20.43 at year-end 2025. Management highlighted the contribution of both underwriting and investment sides to book value growth. The Company continued its capital return strategy, repurchasing approximately 2.4% of outstanding shares through April 2026, signaling confidence in the Company's valuation.