Greenlight Capital Re (GLRE) investor relations material

Executive summary

• Reported a net loss of $29.6 million for Q2 2026, primarily due to catastrophe and investment losses, compared to net income of $0.3 million in Q2 2025.

• Gross premiums written rose to $183.1 million in Q2 2026, up 1.9% year-over-year, with Innovations segment showing strong growth and profitability.

• Underwriting loss of $0.2 million in Q2 2026, mainly from $20 million provision for Middle East conflict and $6.5 million Qatar refinery explosion losses.

• Fully diluted book value per share was $20.61 at June 30, 2026, down 3.7% sequentially but up from $18.87 in Q2 2025.

• Leadership emphasizes innovation, diversification, and disciplined execution amid market volatility.

Financial highlights

• Net loss of $29.6 million, or $0.89 per diluted share, for Q2 2026; six-month net income was $6.2 million.

• Combined ratio was 100.1% in Q2 2026, up from 95.0% in Q2 2025, driven by catastrophe and large losses.

• Net investment loss of $23.8 million in Q2 2026, mainly from a 5.4% loss in Solasglas; six-month investment income dropped to $16.6 million.

• Gross premiums written were $183.1 million in Q2 2026 and $411.1 million for the first half of 2026.

• Shareholders’ equity at Q2 2026 was $697.7 million.

Outlook and guidance

• Management remains disciplined in capital management and prudent reserving for Middle East exposures amid a softening market.

• Investment losses in Q2 were largely reversed in July, with Solasglas returning 4.9% for the month and 6.1% year-to-date.

• Innovations segment expected to continue as a strategic differentiator with prudent growth.

• Focus on portfolio diversification and resilience amid ongoing geopolitical and economic uncertainty.