Greenlight Re disclosed that underwriting performance improved significantly in the first quarter of 2026, with the company still turning a profit and delivering higher net profit despite lower premium volumes.
The Cayman Islands-based reinsurer reported net profit of $35.8 million in the first quarter of this year, up from $29.6 million in the first quarter of 2025.
At the same time, gross written premiums fell from $247.9 million to $227.9 million, and net written premiums fell from $219.4 million to $183.5 million.
Net premium income also declined year-over-year to $154.1 million, compared with $168.5 million in the first quarter of 2025.
Despite shrinking revenue, Greenlight Re’s underwriting performance improved significantly, with the company reporting net underwriting income of $6.2 million, compared with a loss of $7.8 million in the same period last year.
Meanwhile, the company’s combined ratio rose from 104.6% to 96.0% in the first quarter of 2026, as the loss ratio decreased to 59.1% (down from 72.9%).
Greenlight Re’s total investment income was essentially stable at $40.4 million in the first quarter of this year, compared with $40.5 million in the first quarter of 2025, including $33.7 million in income from the Solasglas investment.
Greenlight Re CEO Greg Richardson commented: “We have started the year well, with both sides of the balance sheet contributing to book value per share growth. Our underwriting book continues to demonstrate disciplined profitability with a strong combined ratio of 96.0%.”
David Einhorn, Chairman of the Board, said: “During a period of market turmoil, Solasglas’ portfolio achieved solid growth of 6.8% in the first quarter.
“The company continues to be disciplined in its capital allocation and has repurchased approximately 2.4% of its shares through April to capture the discounts offered in the market.”