GREENLIGHT CAPITAL RE, LTD.

Listed Company

GLRECIK 0001385613NasdaqAcceleratedFire, Marine & Casualty InsuranceFY ends Dec 31

Period

FY 2025

Revenue

$729.78M

Net Income

$74.83M

Total Assets

$2.17B

Equity

$707.98M

Shares Out

33.98M

Op. Cash Flow

$210.21M

Business

GREENLIGHT CAPITAL RE, LTD. is a global specialty property and casualty reinsurer that underwrites multi-line reinsurance and invests in insurance-related opportunities. It offers proportional and non-proportional reinsurance across casualty, property, financial, health, multiline and specialty lines, strategic seed investments in startups and MGAs, and value-oriented investment management through a related investment vehicle. The company operates through two principal regulated insurance entities and a Lloyd’s syndicate, organized into Open Market and Innovations reportable segments. Its business is distributed globally through reinsurance brokers, Lloyd’s, program partners, and direct relationships with insurers and MGAs.

Summary from filing dated 2025-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gross premiums written	773	698	637	563	565
Gross premiums ceded	−82	−77	−43	−33	−41,000
Net premiums written	691	621	594	530	565
Change in net unearned premium reserves	−30	−1	−11	−60	−26
Net premiums earned	661	620	583	469	539
Income from investment in related party investment fund (see Note $3 )	36	34	29	55	18
Net investment income	24	46	43	8	32
Foreign exchange gains (losses)	8	−6	12	−6	−2
Other income	0	2	265,000	0	660,000
Total revenues	730	696	667	527	589
Net loss and loss adjustment expenses incurred	412	427	360	316	375
Acquisition costs	185	177	169	143	145
Underwriting expenses	29	23	20	14	—
Corporate and other expenses	22	16	24	18	—
Deposit interest expense	421,000	3	3	7	12
Interest expense	4	6	5	4	6
Total expenses	651	652	580	502	567
Income before income tax	78	44	87	25	21
Income tax expense	−3	−749,000	−100,000	816,000	−4
Net income	75	43	87	25	18
Basic (in dollars per share)	2.21	1.26	2.55	0.75	0.51
Diluted (in dollars per share)	2.17	1.24	2.5	0.73	0.51
Basic (in shares)	34	34	34	34	34
Diluted (in shares)	35	35	35	40	34

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment in related party investment fund, at fair value	505	387	259	178	184
Fixed maturity investments, at fair value	66	0	—	—	—
Other investments	63	73	73	70	47
Total investments	633	460	332	248	231
Cash and cash equivalents	112	65	51	38	76
Restricted cash and cash equivalents	532	584	605	668	635
Reinsurance balances receivable	664	704	619	506	405
Reinsurance recoverable on unpaid loss and loss adjustment expenses	81	86	26	13	11
Deferred acquisition costs	100	82	80	82	63
Unearned premiums ceded	39	30	17	18	42,000
Other assets	8	5	5	6	6
Total assets	2,170	2,016	1,735	1,580	1,427
Loss and loss adjustment expense reserves	968	861	662	555	524
Unearned premium reserves	362	325	306	308	228
Reinsurance balances payable	96	106	69	105	91
Funds withheld	16	22	17	22	4
Other liabilities	15	6	12	6	7
Debt	5	61	73	81	98
Total liabilities	1,462	1,380	1,139	1,077	952
Commitments and Contingencies (Note 17)	—	—	—	—	—
Preferred share capital (par value $0.10; none issued)	0	0	0	0	0
Ordinary share capital (par value $0.10; issued and outstanding, 33,897,709) (2024: par value $0.10; issued and outstanding, 34,831,324)	3	3	4	3	3
Additional paid-in capital	479	482	485	478	482
Retained earnings	226	151	108	21	−10
Total shareholders' equity	708	636	596	503	476
Total liabilities and equity	2,170	2,016	1,735	1,580	1,427

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net realized and unrealized losses (gains) on investments	12	918,000	−2	−10	−34
Share-based compensation expense	7	5	6	5	3
Accretion of debt offering costs, net of change in interest accruals	−712,000	1	−2	79,000	—
Net realized gain on repurchases of convertible senior notes payable	0	0	−265,000	−343,000	0
Net realized and unrealized losses (gains) on derivatives	0	−335,000	577,000	0	—
Reinsurance balances receivable	40	−85	−114	−100	−75
Reinsurance recoverable on unpaid loss and loss adjustment expenses	4	−60	−12	−2	6
Deferred acquisition costs	−18	−2	2	−19	−12
Unearned premiums ceded	−10	−12	892,000	−18	−42,000
Loss and loss adjustment expense reserves	107	199	106	31	30
Unearned premium reserves	37	18	−2	80	26
Reinsurance balances payable	−10	37	−36	14	−1
Funds withheld	−6	5	−5	18	−683,000
Other items, net	8	−3	6	—	—
Net cash provided by operating activities	210	112	8	−32	−56
Proceeds from redemptions of investment in Solasglas	14	34	79	125	116
Contributions to investment in Solasglas	−96	−129	−131	−65	−115
Purchases of fixed maturity investments	−66	0	0	−13	−5
Sale of fixed maturity investments	69,000	0	0	—	—
Purchases of other investments	−4	−2	−7	—	—
Proceeds from sale of other investments	3	889,000	6	—	—
Purchases of other assets	−441,000	−1	0	0	—
Net cash used in investing activities	−149	−97	−53	47	23
Repurchase of ordinary shares	−10	−8	0	−35,000	−10
Repayment of debt	55	14	947,000	—	—
Proceeds from lines of credit	0	0	75	—	—
Repayment of debt	0	0	62	0	0
Repurchase of convertible senior notes payable	0	0	−17	−20	0
Net cash used in financing activities	−65	−21	−5	−20	−10
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	−1	−345,000	100,000	59,000	0
Decrease in cash, cash equivalents and restricted cash	−5	−7	−51	−5	−43
Interest paid in cash	5	5	5	4	4
Income tax paid (refund received) in cash (see Note 15)	1	223,000	−1	664,000	4

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