GREENLIGHT CAPITAL RE, LTD.GLRE
GREENLIGHT CAPITAL RE, LTD. Segments Disclosure
SEGMENT REPORTING
The Company has two reportable segments:
Open Market
In the Open Market segment, the Company underwrites reinsurance business, sourced through the brokerage distribution channels and Lloyd’s. The Company writes mostly treaty reinsurance, on a proportional and non-proportional basis. The lines of business for this segment are as follows: Casualty, Financial, Health, Multiline, Property and Specialty.
Innovations
In the Innovations segment, the Company provides reinsurance capacity to startup companies and MGAs based globally, sourced mainly through direct placements with its strategic partners. This segment also includes business written by Syndicate 3456. The lines of business for this segment are as follows: Casualty, Financial, Health, Multiline and Specialty.
The Company’s reportable segments each have executive leadership who are responsible for their performance and who are directly accountable to the CODM, who is the Company’s CEO. The CODM reviews the financial performance of the reportable segment to assess the achievement of strategic initiatives, the efficiency of the deployed capital, and how to allocate resources to the reportable segments based on the segment’s financial performance.
In addition to its reportable segments, the Company has a Corporate category included in the below tables, which includes runoff business (see Note 8), corporate expenses, income from investment in Solasglas, foreign exchange gains (losses), interest expense and income taxes.
The table below provides information about the Company’s reportable segments, including the reconciliation to net income as reported under U.S. GAAP. Comparatives have been recast to conform with the new reportable segments.
| Year ended December 31, 2025: | Open Market | Innovations | Corporate | Total Consolidated | |||||||||||||||||||
| Gross premiums written | $ | 652,229 | $ | 121,598 | $ | (566) | $ | 773,261 | |||||||||||||||
| Net premiums written | $ | 601,690 | $ | 90,233 | $ | (514) | $ | 691,409 | |||||||||||||||
| Net premiums earned | $ | 576,032 | $ | 85,626 | $ | (514) | $ | 661,144 | |||||||||||||||
| Net loss and LAE incurred | (358,396) | (51,472) | (1,724) | (411,592) | |||||||||||||||||||
| Acquisition costs | (158,465) | (26,818) | 430 | (184,853) | |||||||||||||||||||
| Other underwriting expenses | (21,114) | (7,513) | — | (28,627) | |||||||||||||||||||
| Deposit interest expense, net | (421) | — | — | (421) | |||||||||||||||||||
| Underwriting income (loss) | 37,636 | (177) | (1,808) | 35,651 | |||||||||||||||||||
| Reconciliation to income before income taxes: | |||||||||||||||||||||||
| Net investment income (loss) | 32,036 | (10,064) | 2,485 | 24,457 | |||||||||||||||||||
| Corporate and other expenses | — | (2,703) | (18,904) | (21,607) | |||||||||||||||||||
| Income from investment in Solasglas | 35,711 | 35,711 | |||||||||||||||||||||
| Foreign exchange gains (losses) | 8,465 | 8,465 | |||||||||||||||||||||
| Interest expense | (4,366) | (4,366) | |||||||||||||||||||||
| Income (loss) before income taxes | $ | 69,672 | $ | (12,944) | $ | 21,583 | $ | 78,311 | |||||||||||||||
| Additional information: | |||||||||||||||||||||||
| Net loss and LAE incurred: | |||||||||||||||||||||||
| Attritional losses | $ | (303,968) | $ | (49,219) | $ | 234 | $ | (352,953) | |||||||||||||||
| Large event losses | $ | (17,894) | $ | (2,100) | $ | — | $ | (19,994) | |||||||||||||||
| CAT event losses | (26,253) | — | — | (26,253) | |||||||||||||||||||
| Prior year favorable (adverse) loss development | (10,281) | (153) | (1,958) | (12,392) | |||||||||||||||||||
| Total net loss and LAE incurred | $ | (358,396) | $ | (51,472) | $ | (1,724) | $ | (411,592) | |||||||||||||||
Total allocated assets (1) | $ | 480,110 | $ | 130,076 | $ | 1,559,597 | $ | 2,169,783 | |||||||||||||||
(1)The Company does not allocate assets to reporting segments, with the exception of restricted cash used to collateralized certain reinsurance transactions, including FAL, and Innovations-related private investments.
| Year ended December 31, 2024: | Open Market | Innovations | Corporate | Total Consolidated | |||||||||||||||||||
| Gross premiums written | $ | 603,798 | $ | 94,725 | $ | (188) | $ | 698,335 | |||||||||||||||
| Net premiums written | $ | 541,446 | $ | 80,016 | $ | (197) | $ | 621,265 | |||||||||||||||
| Net premiums earned | $ | 511,922 | $ | 86,352 | $ | 21,680 | $ | 619,954 | |||||||||||||||
| Net loss and LAE incurred | (341,586) | (51,939) | (33,744) | (427,269) | |||||||||||||||||||
| Acquisition costs | (144,852) | (27,151) | (4,772) | (176,775) | |||||||||||||||||||
| Other underwriting expenses | (19,175) | (3,682) | — | (22,857) | |||||||||||||||||||
| Deposit interest expense, net | (1,228) | — | — | (1,228) | |||||||||||||||||||
| Underwriting income (loss) | 5,081 | 3,580 | (16,836) | (8,175) | |||||||||||||||||||
| Reconciliation to income before income taxes: | |||||||||||||||||||||||
| Net investment income | 42,629 | 702 | 2,623 | 45,954 | |||||||||||||||||||
| Corporate and other expenses | — | (2,445) | (13,932) | (16,377) | |||||||||||||||||||
| Income from investment in Solasglas | 33,605 | 33,605 | |||||||||||||||||||||
| Foreign exchange gains (losses) | (5,606) | (5,606) | |||||||||||||||||||||
| Interest expense | (5,836) | (5,836) | |||||||||||||||||||||
| Income (loss) before income taxes | $ | 47,710 | $ | 1,837 | $ | (5,982) | $ | 43,565 | |||||||||||||||
| Additional information: | |||||||||||||||||||||||
| Net loss and LAE incurred: | |||||||||||||||||||||||
| Attritional losses | $ | (290,961) | $ | (52,235) | $ | (5,780) | $ | (348,976) | |||||||||||||||
| Large event losses | $ | (11,218) | $ | — | $ | — | $ | (11,218) | |||||||||||||||
| CAT event losses | (24,463) | — | (21,808) | (46,271) | |||||||||||||||||||
| Prior year favorable (adverse) loss development | (14,944) | 296 | (6,156) | (20,804) | |||||||||||||||||||
| Total net loss and LAE incurred | $ | (341,586) | $ | (51,939) | $ | (33,744) | $ | (427,269) | |||||||||||||||
Total allocated assets (1) | $ | 454,647 | $ | 110,119 | $ | 1,451,457 | $ | 2,016,223 | |||||||||||||||
(1) The Company does not allocate assets to reporting segments, with the exception of restricted cash used to collateralized certain reinsurance transactions, including FAL, and Innovations-related private investments.
| Year ended December 31, 2023: | Open Market | Innovations | Corporate | Total Consolidated | |||||||||||||||||||
| Gross premiums written | $ | 504,435 | $ | 88,602 | $ | 43,773 | $ | 636,810 | |||||||||||||||
| Net premiums written | $ | 466,544 | $ | 83,608 | $ | 43,896 | $ | 594,048 | |||||||||||||||
| Net premiums earned | $ | 466,751 | $ | 71,769 | $ | 44,627 | $ | 583,147 | |||||||||||||||
| Net loss and LAE incurred | (262,290) | (44,855) | (52,859) | (360,004) | |||||||||||||||||||
| Acquisition costs | (136,356) | (22,381) | (10,140) | (168,877) | |||||||||||||||||||
| Other underwriting expenses | (16,827) | (2,760) | — | (19,587) | |||||||||||||||||||
| Deposit interest expense, net | (2,687) | — | — | (2,687) | |||||||||||||||||||
| Underwriting income (loss) | 48,591 | 1,773 | (18,372) | 31,992 | |||||||||||||||||||
| Reconciliation to income before income taxes: | |||||||||||||||||||||||
| Net investment income | 37,351 | 2,732 | 3,325 | 43,408 | |||||||||||||||||||
| Corporate and other expenses | — | (3,080) | (20,573) | (23,653) | |||||||||||||||||||
| Income from investment in Solasglas | 28,696 | 28,696 | |||||||||||||||||||||
| Foreign exchange gains (losses) | 11,566 | 11,566 | |||||||||||||||||||||
| Other income | 265 | 265 | |||||||||||||||||||||
| Interest expense | (5,344) | (5,344) | |||||||||||||||||||||
| Income (loss) before income taxes | $ | 85,942 | $ | 1,425 | $ | (437) | $ | 86,930 | |||||||||||||||
| Additional information: | |||||||||||||||||||||||
| Net loss and LAE incurred: | |||||||||||||||||||||||
| Attritional losses | $ | (243,440) | $ | (44,425) | $ | (32,162) | $ | (320,027) | |||||||||||||||
| Large event losses | (8,068) | — | — | (8,068) | |||||||||||||||||||
| CAT event losses | (7,196) | — | (13,507) | (20,703) | |||||||||||||||||||
| Prior year favorable (adverse) loss development | (3,586) | (430) | (7,190) | (11,206) | |||||||||||||||||||
| Total net loss and LAE incurred | $ | (262,290) | $ | (44,855) | $ | (52,859) | $ | (360,004) | |||||||||||||||
Total allocated assets (1) | $ | 485,388 | $ | 98,467 | $ | 1,151,452 | $ | 1,735,307 | |||||||||||||||
(1) The Company does not allocate assets to reporting segments, with the exception of restricted cash used to collateralized certain reinsurance transactions, including FAL, and Innovations-related private investments.
The other underwriting expenses includes general and administrative expenses directly attributable to each of the segment, in addition to allocated indirect overhead costs.
The net investment income includes:
•Interest income earned on restricted cash (see Note 6 - Restricted Cash and Cash Equivalents) and FAL balances directly attributable to each of the segments;
•Interest income and realized and unrealized gains (losses) relating to the fixed maturity portfolio attributable to Open Market segment (see Note 4 - Fixed Maturity Investments); and
•Realized and unrealized gains (losses) relating to the private investments directly attributable to Innovations segment (see Note 5 - Other Investments).
The Company had no intersegment revenues for the years ended December 31, 2025, 2024, and 2023.
Concentration of revenue
The Company has a diverse client base, for which there was no individual customer that accounted for more than 10% of the total consolidated gross premiums written for the years ended December 31, 2025, 2024, and 2023.
Premiums by Geographic Area
The following table presents gross premiums written by the geographical location of the Company’s subsidiaries:
Years ended December 31, | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||
| Ireland | $ | 156,537 | 20.2 | % | $ | 160,736 | 23.0 | % | $ | 95,371 | 15.0 | % | ||||||||||||||||||||||||||
| United Kingdom | 273,470 | 35.4 | 176,336 | 25.3 | 192,699 | 30.3 | ||||||||||||||||||||||||||||||||
| Cayman Islands | 343,254 | 44.4 | 361,263 | 51.7 | 348,740 | 54.8 | ||||||||||||||||||||||||||||||||
| $ | 773,261 | 100.0 | % | $ | 698,335 | 100.0 | % | $ | 636,810 | 100.0 | % | |||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 9, 2026 | Showing above |
| 2024 | Mar 10, 2025 | |
| 2023 | Mar 5, 2024 | |
| 2022 | Mar 8, 2023 | |
| 2021 | Mar 8, 2022 | |
| 2020 | Mar 10, 2021 | |
| 2019 | Mar 9, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 22, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.