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GLRE

Greenlight Capital Re, Ltd.

GLRE

Greenlight Capital Re, Ltd. • NASDAQ
$13.21 ▲ 0.42% (+0.06)
Market Cap $450.52 M
52w High $15.22
52w Low $11.57
Dividend Yield 0%
P/E -330.25
Volume 38.15K
Outstanding Shares 34.10M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $160.475M ▼ $28.799M ▼ $-4.405M ▼ -2.745% ▼ $-0.13 ▼ $-2.355M ▼
Q2-2025 $178.382M ▼ $30.78M ▲ $329K ▼ 0.184% ▼ $0.01 ▼ $1.943M ▼
Q1-2025 $179.564M ▲ $-21.095M ▼ $29.627M ▲ 16.499% ▲ $0.87 ▲ $32.522M ▲
Q4-2024 $136.212M ▼ $3.264M ▲ $-27.418M ▼ -20.129% ▼ $-0.81 ▼ $-27.129M ▼
Q3-2024 $168.164M $-7.123M $35.237M 20.954% $1.03 $38.355M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $655.233M ▲ $2.134B ▼ $1.475B ▼ $658.889M ▼
Q2-2025 $82.362M ▲ $2.188B ▲ $1.525B ▲ $663.318M ▼
Q1-2025 $47.477M ▼ $2.152B ▲ $1.485B ▲ $666.804M ▲
Q4-2024 $64.685M ▲ $2.016B ▲ $1.38B ▲ $635.879M ▼
Q3-2024 $54.642M $2.002B $1.338B $663.418M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.405M ▼ $31.181M ▼ $-9.273M ▲ $-25.438M ▼ $-3.827M ▼ $31.181M ▼
Q2-2025 $329K ▼ $68.44M ▲ $-46.937M ▼ $-5.937M ▼ $16.301M ▲ $68.44M ▲
Q1-2025 $29.627M ▲ $10.379M ▼ $-15.995M ▼ $-938K ▲ $-6.328M ▼ $10.379M ▼
Q4-2024 $-27.418M ▼ $29.534M ▼ $660K ▲ $-1.876M ▲ $27.354M ▲ $29.534M ▼
Q3-2024 $35.237M $41.301M $-26.976M $-7.488M $7.563M $41.301M

Five-Year Company Overview

Income Statement

Income Statement Greenlight Capital Re has shifted from a mixed, somewhat uneven earnings profile a few years ago to more consistently profitable results recently. Revenue has been volatile, which is typical for a reinsurer, but the company has managed to turn that revenue into solid operating and net income in the last few years. Earnings per share have generally trended upward over the five-year period, with a particularly strong year followed by a still-profitable but slightly lower result, suggesting that performance is now more driven by underwriting discipline and investment gains than in the past. Overall, the income statement shows a business that has moved from “repairing” its results to generating steadily positive profits, though results can still swing with markets and loss experience.

Balance Sheet

Balance Sheet The balance sheet looks stronger today than it did five years ago. Total assets have grown steadily, and shareholders’ equity has built up over time, which points to retained profits and a gradually thicker capital cushion. Debt is present but not large relative to the asset base, implying a moderate use of leverage rather than an aggressive one. Cash levels are not high in absolute terms, but they have improved, and reinsurers also hold substantial investment portfolios that are not captured by cash alone. In simple terms, the company appears to be on firmer financial footing, with healthier capital and a balanced liability structure, though it still operates at a smaller scale than the global reinsurance giants.

Cash Flow

Cash Flow Cash flow has improved meaningfully over the five-year period. Earlier years showed cash drifting out of the business from operations, which can be a warning sign if it persists. More recently, operating cash flow has turned clearly positive, indicating that the core reinsurance and investment activities are now bringing in cash instead of consuming it. Capital spending has been very light, so free cash flow broadly tracks operating cash flow and is now positive as well. This shift from cash outflows to inflows supports the story of improving underwriting discipline and more controlled growth, although the underlying volatility of the reinsurance and investment cycles remains a structural feature of the business.

Competitive Edge

Competitive Edge Greenlight Capital Re occupies a specialized niche rather than competing head‑to‑head with the very largest reinsurers. Its main differentiator is the “dual‑engine” model: it aims to earn an underwriting profit on reinsurance while also seeking stronger‑than‑average returns from an actively managed investment portfolio. This combination can be an advantage when markets are favorable but adds more earnings volatility than the conservative investment approach used by many peers. On the underwriting side, management has become more disciplined, focusing on lines of business with better risk‑adjusted returns and shrinking or exiting weaker areas. The company’s smaller size gives it some agility and the ability to tailor solutions, especially for insurtech and managing general agent partners, but it also means it lacks the scale and diversification of global competitors. Overall, its position is differentiated but more exposed to swings in financial markets and the success of its underwriting strategy than a traditional, scale‑driven reinsurer.

Innovation and R&D

Innovation and R&D Instead of classic in‑house R&D, Greenlight Capital Re pursues innovation through partnerships and targeted investments. Its Greenlight Re Innovations unit, the Lloyd’s‑based syndicate, and the Viridis Re platform all aim to support and collaborate with technology‑driven insurance and insurtech players. By supplying capital, expertise, and access to the reinsurance market, the company positions itself at the center of new distribution models, data‑driven underwriting tools, and specialized insurance products. This approach can provide early insight into emerging trends and potentially attractive growth channels. The flip side is that many of these ventures are young, unproven businesses, so there is meaningful execution risk and uncertainty around which bets will ultimately pay off. Future value will depend on how well the company can turn these relationships and data into better underwriting, scalable products, and fee‑based income while managing the risk of backing early‑stage innovators.

Summary

Greenlight Capital Re today looks like a more disciplined and better‑capitalized reinsurer than it was five years ago. Profitability has improved, cash generation has turned positive, and equity has grown, suggesting the company has been rebuilding and strengthening its financial base. Its business model is unusual for the sector: it pairs a focused reinsurance franchise with an active, higher‑risk investment strategy, which can enhance returns but also injects more volatility than a typical reinsurer’s balance sheet. On top of this, the company has leaned into insurtech and MGA partnerships, using dedicated platforms to support and learn from technology‑driven insurance startups. This creates a potential edge in innovation and access to new business models, but also adds complexity and execution risk. Taken together, GLRE represents a small, nimble, and increasingly disciplined player with a distinctive, higher‑beta profile in both underwriting and investing, where outcomes are likely to be more variable than at larger, more traditional peers.

NEWS

November 13, 2025 · 10:25 AM UTC

AM Best Upgrades Credit Ratings of Greenlight Capital Re, Ltd. and Its Subsidiaries

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November 13, 2025 · 8:45 AM UTC

AM Best Upgrades Financial Strength Rating of Greenlight Reinsurance, Ltd. and Greenlight Reinsurance Ireland, DAC to “A” (Excellent)

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November 3, 2025 · 4:15 PM UTC

Greenlight Re Announces Financial Results for Third Quarter and Nine Months Ended September 30, 2025

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October 28, 2025 · 4:15 PM UTC

Greenlight Capital Re, Ltd. Schedules Third Quarter 2025 Financial Results and Conference Call

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