Cayman Islands-based reinsurer Greenlight Capital Re reported a net income of $74.8m for 2025, up from $42.8m in 2024, with gross premiums written rising 11% to $773.3m. Net premiums earned increased 7% to $661.1m, while net underwriting income jumped to $35.7m, reversing an $8.2m underwriting loss the previous year.
The firm’s combined ratio improved to 94.6% in 2025, from 101.4% in 2024, reflecting stronger underwriting performance. Investment results, however, declined year-on-year, with total investment income of $60.2m compared with $79.6m in 2024.
In Q4 alone, Greenlight Re posted net income of $49.3m, compared with a net loss of $27.4m in Q4 2024. Quarterly gross premiums written rose 12% to $161.3m, net premiums earned climbed 12% to $165.6m, and net underwriting income reached $13m, compared with a $18m loss in the prior-year quarter. This drove a quarterly combined ratio of 92.1%, versus 112.1% in Q4 2024. Investment income was a key contributor, rising to $44.8m from $2.6m in the prior-year quarter.
Greg Richardson, CEO of Greenlight Re, said: “We are proud of our fourth quarter 2025 underwriting results, which resulted in a combined ratio of 92.1%, allowing us to close the year with a record underwriting income and a combined ratio of 94.6%. Growth in gross premiums written and net premiums earned, coupled with our expanded investment income and our strong combined ratio, resulted in book value growth of 8.1% in the fourth quarter.”
David Einhorn, Chairman of the Board, added: “Greenlight Re had a solid year, with good results on both sides of the balance sheet; it grew fully-diluted book value per share 13.8%, above its cost of equity. I want to congratulate Greg and the team on the improved performance. The Solasglas investment portfolio gained 7.9% during the fourth quarter, returning 7.5% for the year, with most of the gains coming from macro positions and positive alpha from long and short positions.”
