Greenlight Capital Re (GLRE) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $35.8 million ($1.05 per diluted share), up from $29.6 million in Q1 2025, with fully diluted book value per share increasing 4.7% to $21.40.

• Combined ratio improved to 96.0% from 104.6% year-over-year, reflecting stronger underwriting profitability and disciplined capital allocation.

• Gross premiums written decreased 8.1% year-over-year to $227.9 million; net premiums earned fell 8.5% to $154.1 million.

• Strong investment performance from Solasglas portfolio, returning 6.8% in Q1 2026.

• Share repurchases totaled $14.5 million year-to-date, with an additional $9.5 million in April and a new $40 million authorization effective May 2026.

Financial highlights

• Net underwriting income was $6.2 million, reversing a $7.8 million loss in Q1 2025.

• Total investment income was $40.4 million, with $33.7 million from Solasglas.

• Combined ratio improved by 8.6 points year-over-year, mainly due to lower catastrophe and event losses.

• Return on equity for Q1 2026 was 4.9%, up from 4.3% in Q1 2025.

• Shareholders’ equity rose to $741.2 million from $707.9 million at year-end 2025.

Outlook and guidance

• Management expects continued competition in reinsurance, especially in Open Market, with pressure on rates but stable terms and conditions.

• Innovation segment premium expected to increase, driven by organic growth and favorable rate trends.

• Strategic capital allocation and disciplined underwriting remain priorities for long-term book value growth.