Cayman Islands-based reinsurer Greenlight Capital Re reported net profit of $74.8 million in 2025, up from $42.8 million in 2024, with gross premiums rising 11% to $773.3 million.
Greenlight Re’s net premium income also rose 7% to $661.1 million in 2025, while net underwriting income expanded to $35.7 million, compared with an underwriting loss of $8.2 million the previous year.
The reinsurer’s combined ratio improved to 94.6% from 101.4% in 2024, reflecting improved underwriting performance.
At the same time, investment performance declined year-on-year, with total investment income of US$60.2 million, compared with US$79.6 million in the previous year.
In the fourth quarter of 2025 alone, Greenlight Re’s net profit reached $49.3 million, compared with a net loss of $27.4 million in the same period in 2024.
Quarterly gross premiums increased 12% to $161.3 million, while net premiums increased 12% to $165.6 million.
The company’s net underwriting income was $13 million in the fourth quarter of 2025, compared with an underwriting loss of $18 million in the fourth quarter of 2024, and its combined ratio was 92.1%, compared with 112.1% in the fourth quarter of 2024.
Investment results were a major contributor to the quarter’s results, with total investment income of $44.8 million, compared with $2.6 million in the year-ago period.
Greenlight Re CEO Greg Richardson said: “We are proud of our underwriting performance in the fourth quarter of 2025, with a combined ratio of 92.1%, which allowed us to end the year with record underwriting revenue and a combined ratio of 94.6%.
“Growth in gross and net premiums, combined with our expanded investment income and strong combined ratio, resulted in fourth-quarter book value growth of 8.1%.”
David Einhorn, Chairman of the Board, commented: “Greenlight Re had a solid year with good results on both sides of the balance sheet; its fully diluted book value per share grew 13.8% and was above its cost of equity.
“I would like to congratulate Greg and the team on their improved performance. The Solasglas portfolio rose 7.9% in the fourth quarter, with gains and positive alpha across long, short and macro investments, and returned 7.5% for the full year, with the majority of the gains coming from macro.”
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