Greenlight Capital Re, Ltd. reported a net loss of $4.4 million for the third quarter of 2025, a significant decline from the net income of $35.2 million recorded in the same period last year. The company's gross premiums written increased by 9.5% to $184.4 million, while net premiums earned rose by 8.9% to $165.4 million. The decline in profitability was primarily attributed to investment losses from its related party investment fund, Solasglas, which reported a loss of $14.4 million, compared to a gain of $19.8 million in the prior year. Additionally, foreign exchange losses of $2.0 million further impacted the financial results.
In terms of operational performance, Greenlight Capital Re's underwriting income improved to $22.3 million in Q3 2025, up from $6.1 million in Q3 2024, driven by a lower combined ratio of 86.6%, down from 95.9%. The company reported no catastrophe losses during the quarter, contrasting with $12.1 million in CAT losses in Q3 2024. However, prior year adverse loss development of $0.8 million was noted, compared to favorable development of $5.7 million in the previous year.
The company's total investments increased by 13.0% to $520.0 million as of September 30, 2025, primarily due to net contributions into Solasglas, which amounted to $70.2 million. However, the overall investment performance was negatively affected by a net investment loss of $17.4 million for the quarter, compared to a total investment income of $30.3 million in Q3 2024. The decline in investment income was largely due to lower returns from the Innovations portfolio and reduced interest income from cash and cash equivalents.
Greenlight Capital Re's total liabilities rose to $1.48 billion, up from $1.38 billion at the end of 2024, driven by an increase in loss and loss adjustment expense reserves, which grew to $938.3 million. Shareholders' equity increased to $658.9 million, reflecting a $23.0 million rise since December 31, 2024, primarily due to the net income reported for the period and adjustments related to share-based compensation. The company continues to focus on maintaining a diversified portfolio and managing its exposure to market conditions, with a cautious outlook amid ongoing economic uncertainties and competitive pressures in the reinsurance market.
About GREENLIGHT CAPITAL RE, LTD.
Greenlight Capital Re, Ltd. is a global specialty property and casualty reinsurer offering multi-line reinsurance solutions across various markets. It operates through regulated entities in the Cayman Islands, Ireland, and Lloyd’s, focusing on innovative underwriting, strategic investments, and risk management. The company emphasizes long-term shareholder value, diversified risk, and a unique investment approach combining reinsurance and private equity in startups and MGAs.
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