Greenlight Re Announces Financial Results For Third Quarter And Nine Months Ended September 30, 2026

(MENAFN- GlobeNewsWire - Nasdaq) Delivers Strong Underwriting Result with 90.5% Combined Ratio; Repurchases $8.0 million of ordinary shares during the quarter

GRAND CAYMAN, Cayman Islands, Nov. 02, 2026 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the“Company”) today reported its financial results for the third quarter and nine months ended September 30, 2026.

Third quarter 2026 Highlights (all comparisons are to third quarter 2025 unless noted otherwise):

• Gross premiums written decreased 1% to $181.9 million;
• Net premiums earned decreased 7% to $153.4 million;
• Net underwriting income of $14.6 million, compared to $22.3 million;
• Combined ratio of 90.5%, compared to 86.6%;
• Total investment loss of $4.6 million, compared to loss of $17.4 million;
• Net income of $3.2 million, or $0.10 per diluted ordinary share, compared to net loss of $4.4 million, or $(0.13) per diluted ordinary share;
• Repurchased $8.0 million of ordinary shares at an average cost of $15.77 per share; and
• Fully diluted book value per share increased 0.8% to $20.78, from $20.61 at June 30, 2026.
  

Nine months ended September 30, 2026 Highlights (all comparisons are to the same period in 2025):

• Gross premiums written decreased 3% to $592.9 million;
• Net premiums earned decreased 5% to $469.4 million;
• Net underwriting income of $20.6 million compared to $22.6 million;
• Combined ratio of 95.6%, compared to 95.4%;
• Total investment income of $12.0 million, compared to $15.3 million;
• Net income of $9.4 million, or $0.28 per diluted ordinary share, compared to $25.6 million, or $0.74 per diluted ordinary share;
• Repurchased $27.2 million of ordinary shares at an average cost of $16.90 per share; and
• Fully diluted book value per share increased 1.7% to $20.78, from $20.43 at December 31, 2025.
  

From October 1, 2026, to October 30, 2026, the Company has repurchased an additional $3.3 million of ordinary shares at an average price of $14.95 per share.

Greg Richardson, Chief Executive Officer of Greenlight Re, stated,“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 of the 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.”

Greenlight Capital Re, Ltd. Third Quarter 2026 Earnings Call

Greenlight Re will host a live conference call to discuss its financial results on Tuesday, November 3, 2026, at 9:00 a.m. Eastern Time. Dial-in details:

U.S. toll free 1-877-407-9753
International 1-201-493-6739

The conference call can also be accessed via webcast at:

A telephone replay will be available following the call through November 8, 2026. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13755439. An audio file of the call will also be available on the Company's website, .

Non-GAAP Financial Measures
In presenting the Company's results, management has included fully diluted book value per share as a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). This measure is referred to as a non-GAAP measure. The non-GAAP measure may be defined or calculated differently by other companies. Management believes the measure allows for a more thorough understanding of the Company's performance. The non-GAAP measure may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliation of the measure to the most comparable GAAP figures is included in the attached financial information in accordance with Regulation G.

Forward-Looking Statements
This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the“Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company's behalf. These risks and uncertainties include any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; a downgrade or withdrawal of our A.M. Best ratings; the carry values of our investments made under our Greenlight Re Innovations segment may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC's website at The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.

About Greenlight Capital Re, Ltd.
Greenlight Re () provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd's platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company's innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

Investor Relations Contact
Jeremy Hellman
Vice President, The Equity Group Inc.
(212) 836-9626
...

GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(expressed in thousands of U.S. dollars, except per share and share amounts)

	September 30, 2026		December 31, 2025
	(Unaudited)
Assets
Investments
Investment in related party investment fund, at fair value	$	487,385		$	504,555
Other investments		65,452			62,911
Fixed maturity investments, at fair value		178,905			65,609
Total investments		731,742			633,075
Cash and cash equivalents		70,982			111,756
Restricted cash and cash equivalents		511,983			531,976
Reinsurance balances receivable		683,363			664,381
Reinsurance recoverable on unpaid loss and loss adjustment expenses		118,361			81,392
Deferred acquisition costs		98,506			99,954
Unearned premiums ceded		66,849			39,223
Other assets		8,788			8,026
Total assets	$	2,290,574		$	2,169,783
Liabilities and equity
Liabilities
Loss and loss adjustment expense reserves		1,024,891			967,960
Unearned premium reserves		401,152			361,704
Reinsurance balances payable		109,704			95,853
Funds withheld		43,734			16,105
Other liabilities		11,778			15,460
Debt		4,768			4,724
Total liabilities		1,596,027			1,461,806
Shareholders' equity
Preferred share capital (par value $0.10; none issued)		-			-
Ordinary share capital (par value $0.10; issued and outstanding, 32,460,395) (2025: par value $0.10; issued and outstanding, 33,897,709)		3,246			3,390
Additional paid-in capital		456,236			478,910
Retained earnings		235,065			225,677
Total shareholders' equity		694,547			707,977
Total liabilities and equity	$	2,290,574		$	2,169,783

GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars, except percentages and per share amounts)

		Three months ended September 30		Nine months ended September 30
			2026				2025				2026				2025
		(Unaudited)		(Unaudited)
Underwriting results:
Gross premiums written		$	181,875			$	184,377			$	592,931			$	611,950
Gross premiums ceded			(39,173	)			(21,695	)			(119,946	)			(65,344	)
Net premiums written		$	142,702			$	162,682			$	472,985			$	546,606
Change in net unearned premium reserves			10,727				2,737				(3,598	)			(51,083	)
Net premiums earned		$	153,429			$	165,419			$	469,387			$	495,523
Net loss and LAE incurred:
Current year			(81,875	)			(87,776	)			(286,886	)			(303,474	)
Prior year			(2,490	)			(817	)			(717	)			(8,082	)
Net loss and LAE incurred			(84,365	)			(88,593	)			(287,603	)			(311,556	)
Acquisition costs (1)			(45,518	)			(46,445	)			(136,789	)			(138,646	)
Underwriting expenses (1)			(8,913	)			(7,989	)			(24,329	)			(22,341	)
Deposit interest expense			(31	)			(94	)			(109	)			(367	)
Net underwriting income (loss)			14,602				22,298				20,557				22,613
Investment results:
Loss from investment in Solasglas			(15,133	)			(14,404	)			(9,301	)			(483	)
Net investment income (loss)			10,493				(2,950	)			21,300				15,807
Total investment income (loss)			(4,640	)			(17,354	)			11,999				15,324
Corporate and other expenses			(5,717	)			(5,399	)			(16,176	)			(14,826	)
Foreign exchange gains (losses)			(495	)			(1,994	)			(5,976	)			8,632
Interest expense			(127	)			(1,430	)			(354	)			(4,038	)
Income tax expense			(389	)			(526	)			(662	)			(2,154	)
Net income (loss)		$	3,234			$	(4,405	)		$	9,388			$	25,551
Earnings per share
Basic		$	0.10			$	(0.13	)		$	0.28			$	0.75
Diluted		$	0.10			$	(0.13	)		$	0.28			$	0.74
Underwriting ratios:
Current year loss ratio			53.4	%			53.1	%			61.1	%			61.2	%
Prior year reserve development ratio			1.6	%			0.5	%			0.2	%			1.6	%
Loss ratio			55.0	%			53.6	%			61.3	%			62.8	%
Acquisition cost ratio (1)			29.7	%			28.1	%			29.1	%			28.0	%
Composite ratio			84.7	%			81.7	%			90.4	%			90.8	%
Underwriting expense ratio (1)			5.8	%			4.9	%			5.2	%			4.6	%
Combined ratio			90.5	%			86.6	%			95.6	%			95.4	%

^{(1) The Company reclassified$0.5 million and $2.0 millionfrom acquisition costs to underwriting expenses for the three and nine months ended September 30, 2025, respectively, to conform with the current year's presentation. The related acquisition cost, composite, and underwriting expense ratios for the same periods were adjusted accordingly.}

The following tables present the Company's results by segment and on a consolidated basis:

GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Three months ended September 30 , 2026

	Open Market		Innovations		Corporate		Total Consolidated
Gross premiums written	$	138,843			$	43,034			$	(2	)		$	181,875
Net premiums written	$	114,168			$	28,537			$	(3	)		$	142,702
Net premiums earned	$	125,311			$	28,121			$	(3	)		$	153,429
Net loss and LAE incurred		(64,215	)			(19,067	)			(1,083	)			(84,365	)
Acquisition costs		(39,797	)			(5,722	)			1				(45,518	)
Underwriting expenses		(6,075	)			(2,838	)			-				(8,913	)
Deposit interest expense, net		(31	)			-				-				(31	)
Underwriting income (loss)		15,193				494				(1,085	)			14,602
Net investment income (loss)		4,329				5,974				190				10,493
Corporate and other expenses		-				(632	)			(5,085	)			(5,717	)
Income (loss) from investment in Solasglas						(15,133	)			(15,133	)
Foreign exchange gains (losses)						(495	)			(495	)
Interest expense						(127	)			(127	)
Income (loss) before income taxes	$	19,522			$	5,836			$	(21,735	)		$	3,623
Underwriting ratios:
Loss ratio		51.2	%			67.8	%		NM*			55.0	%
Acquisition cost ratio		31.8	%			20.3	%		NM*			29.7	%
Composite ratio		83.0	%			88.1	%		NM*			84.7	%
Underwriting expense ratio		4.9	%			10.1	%		NM*			5.8	%
Combined ratio		87.9	%			98.2	%		NM*			90.5	%

^{*Not Meaningful}

GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Three months ended September 30 , 2025

	Open Market		Innovations		Corporate		Total Consolidated
Gross premiums written	$	154,994			$	29,393			$	(10	)		$	184,377
Net premiums written	$	140,372			$	22,318			$	(8	)		$	162,682
Net premiums earned	$	144,427			$	21,000			$	(8	)		$	165,419
Net loss and LAE incurred		(76,590	)			(11,412	)			(591	)			(88,593	)
Acquisition costs (1)		(40,069	)			(6,377	)			1				(46,445	)
Underwriting expenses (1)		(5,446	)			(2,543	)			-				(7,989	)
Deposit interest expense, net		(94	)			-				-				(94	)
Underwriting income (loss)		22,228				668				(598	)			22,298
Net investment income		5,623				(11,270	)			2,697				(2,950	)
Corporate and other expenses		-				(724	)			(4,675	)			(5,399	)
Income from investment in Solasglas						(14,404	)			(14,404	)
Foreign exchange gains (losses)						(1,994	)			(1,994	)
Other income						-				-
Interest expense						(1,430	)			(1,430	)
Income (loss) before income taxes	$	27,851			$	(11,326	)		$	(20,404	)		$	(3,879	)
Underwriting ratios:
Loss ratio		53.0	%			54.3	%		NM*			53.6	%
Acquisition cost ratio		27.7	%			30.4	%		NM*			28.1	%
Composite ratio		80.7	%			84.7	%		NM*			81.7	%
Underwriting expense ratio		3.8	%			12.1	%		NM*			4.9	%
Combined ratio		84.5	%			96.8	%		NM*			86.6	%

^{(1) The Company has reclassified $0.5 million from acquisition costs to underwriting expenses for the three months ended September 30, 2025, to conform with the current year's presentation for the Innovations segment and total consolidated.The related acquisition cost, composite, and underwriting expenses ratios for the same periods were adjusted accordingly.}

^{*Not Meaningful}

GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars)
Nine months ended September 30 , 2026

	Open Market		Innovations		Corporate		Total Consolidated
Gross premiums written	$	471,392			$	121,543			$	(4	)		$	592,931
Net premiums written	$	393,712			$	79,278			$	(5	)		$	472,985
Net premiums earned	$	391,237			$	78,155			$	(5	)		$	469,387
Net loss and LAE incurred		(234,390	)			(50,368	)			(2,845	)			(287,603	)
Acquisition costs		(119,408	)			(17,382	)			1				(136,789	)
Underwriting expenses		(16,420	)			(7,909	)			-				(24,329	)
Deposit interest expense, net		(109	)			-				-				(109	)
Underwriting income (loss)		20,910				2,496				(2,849	)			20,557
Net investment income (loss)		13,873				6,589				838				21,300
Corporate and other expenses		-				(1,933	)			(14,243	)			(16,176	)
Income (loss) from investment in Solasglas						(9,301	)			(9,301	)
Foreign exchange gains (losses)						(5,976	)			(5,976	)
Interest expense						(354	)			(354	)
Income (loss) before income taxes	$	34,783			$	7,152			$	(31,885	)		$	10,050
Underwriting ratios:
Loss ratio		59.9	%			64.4	%		NM*			61.3	%
Acquisition cost ratio		30.5	%			22.2	%		NM*			29.1	%
Composite ratio		90.4	%			86.6	%		NM*			90.4	%
Underwriting expense ratio		4.2	%			10.1	%		NM*			5.2	%
Combined ratio		94.6	%			96.7	%		NM*			95.6	%

^{*Not Meaningful}

GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars)
Nine months ended September 30 , 2025

	Open Market		Innovations		Corporate		Total Consolidated
Gross premiums written	$	528,036			$	84,455			$	(541	)		$	611,950
Net premiums written	$	478,092			$	69,005			$	(491	)		$	546,606
Net premiums earned	$	434,622			$	61,391			$	(490	)		$	495,523
Net loss and LAE incurred		(272,828	)			(37,002	)			(1,726	)			(311,556	)
Acquisition costs (1)		(121,850	)			(16,909	)			113				(138,646	)
Underwriting expenses (1)		(15,104	)			(7,237	)			-				(22,341	)
Deposit interest expense, net		(367	)			-				-				(367	)
Underwriting income (loss)		24,473				243				(2,103	)			22,613
Net investment income		17,023				(10,391	)			9,175				15,807
Corporate and other expenses		-				(1,898	)			(12,928	)			(14,826	)
Income from investment in Solasglas						(483	)			(483	)
Foreign exchange gains (losses)						8,632				8,632
Other income						-				-
Interest expense						(4,038	)			(4,038	)
Income (loss) before income taxes	$	41,496			$	(12,046	)		$	(1,745	)		$	27,705
Underwriting ratios:
Loss ratio		62.8	%			60.3	%		NM*			62.8	%
Acquisition cost ratio		28.0	%			27.5	%		NM*			28.0	%
Composite ratio		90.8	%			87.8	%		NM*			90.8	%
Underwriting expenses ratio		3.6	%			11.8	%		NM*			4.6	%
Combined ratio		94.4	%			99.6	%		NM*			95.4	%

^{(1) The Company has reclassified $2.0 million from acquisition costs to underwriting expenses for the nine months ended September 30, 2025, to conform with the current year's presentation for the Innovations segment and total consolidated.The related acquisition cost, composite, and underwriting expenses ratios for the same periods were adjusted accordingly.}

^{*Not Meaningful}

GREENLIGHT CAPITAL RE, LTD.
KEY FINANCIAL MEASURES AND NON-GAAP MEASURES

Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company's historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company's business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.

We use the following non-GAAP financial measure in this news release.

Fully Diluted Book Value Per Share

Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.

We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.

We calculate basic book value per share as (a) ending shareholders' equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements.

Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options and all outstanding restricted stock units, or“RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.

The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):

	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Numerator for basic and fully diluted book value per share:
Total equity as reported under U.S. GAAP	$	694,547			$	697,682			$	741,172			$	707,977			$	658,889
Denominator for basic and fully diluted book value per share:
Ordinary shares issued and outstanding as reported and denominator for basic book value per share		32,460,395				32,881,538				33,684,902				33,897,709				34,099,226
Add: In-the-money stock options (1) and all outstanding RSUs		971,100				972,651				950,199				755,997				757,505
Denominator for fully diluted book value per share		33,431,495				33,854,189				34,635,101				34,653,706				34,856,731
Basic book value per share	$	21.40			$	21.22			$	22.00			$	20.89			$	19.32
Increase (decrease) in basic book value per share	$	0.18			$	(0.78	)		$	1.11			$	1.57			$	(0.08	)
Increase (decrease) in basic book value per share		0.8	%			(3.5	)%			5.3	%			8.1	%			(0.4	)%
Fully diluted book value per share	$	20.78			$	20.61			$	21.40			$	20.43			$	18.90
Increase (decrease) in fully diluted book value per share	$	0.17			$	(0.79	)		$	0.97			$	1.53			$	(0.07	)
Increase (decrease) in fully diluted book value per share		0.8	%			(3.7	)%			4.7	%			8.1	%			(0.4	)%

⁽¹⁾Assuming net exercise by the grantee.

MENAFN02112026004107003653ID1111905104