Greenlight Re Q1 Profit Rises to $35.8M as Combined Ratio Improves to 96%
Greenlight Re improved its Q1 combined ratio to 96.0% and posted net income of $35.8 million ($1.05 per diluted share), up from $29.6 million ($0.86 per share) a year earlier. The company repurchased $14.5 million of ordinary shares and grew fully diluted book value per share 4.7% to $21.40.
1. Q1 Financial Highlights
Gross premiums written fell 8% to $227.9 million and net premiums earned declined 8% to $154.1 million. The company delivered net income of $35.8 million, or $1.05 per diluted share, versus $29.6 million, or $0.86 per share, in Q1 2025.
2. Underwriting Performance
Net underwriting income reached $6.2 million, reversing a $7.8 million underwriting loss in the prior year period. The combined ratio improved to 96.0% from 104.6%, reflecting disciplined risk selection and pricing.
3. Investment and Portfolio Performance
Total investment income was $40.4 million, essentially flat with the prior year’s $40.5 million. The Solasglas investment portfolio generated a 6.8% return during the quarter despite market volatility.
4. Capital Allocation and Book Value Growth
The company repurchased $5 million of ordinary shares at an average cost of $16.70 per share in Q1 and an additional $9.5 million at $18.38 in April. Fully diluted book value per share increased 4.7% to $21.40 from $20.43 at year-end 2025.