The underwriting turnaround is encouraging, but the 8% revenue decline warrants monitoring in the next quarter to confirm it is deliberate portfolio optimization rather than market share loss. Watch for updates on casualty non-renewals and premium trends on the May 6 earnings call.
Price Chart
Executive Summary
Greenlight Re reported Q1 2026 net income of $35.8M ($1.05/diluted share), up from $29.6M ($0.86) a year ago, driven by a sharp improvement in underwriting results (combined ratio 96.0% vs 104.6%). However, gross premiums written and net premiums earned both declined 8%, reflecting portfolio pruning and downward premium adjustments.
Key Financial Metrics
Key Facts
- Net income $35.8M vs $29.6M YoY, up 20.9%
- Diluted EPS $1.05 vs $0.86 YoY
- Combined ratio improved to 96.0% from 104.6%
- Gross premiums written down 8% to $227.9M
- Net premiums earned down 8% to $154.1M
- Total investment income $40.4M, virtually flat
- Repurchased $5M of shares at avg $16.70 in Q1; additional $9.5M in April
- Fully diluted book value per share $21.40, up 4.7% from Dec 2025
Financial Impact
Net income improved $6.2M YoY while top-line contracted ~$14M; underwriting turnaround contributed ~$14M swing to positive.
Risk Factors
- Continued revenue contraction could pressure future earnings
- Catastrophe losses could reverse underwriting gains
- Investment returns dependent on Solasglas performance
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001385613-26-000064 |
| Document: investordeck2026q1-final.htm | 0001385613-26-000064 |
| Document: glre-20260505.htm | 0001385613-26-000064 |
| Document: 0001385613-26-000064-index-headers.html | 0001385613-26-000064 |
| Document: 0001385613-26-000064-index.html | 0001385613-26-000064 |
| Document: 0001385613-26-000064.txt | 0001385613-26-000064 |
| 8-K Data (Synthetic) | 0001385613-26-000064 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 18, 2026 5w ago | Insider Cluster | $15.03 | awaiting T+60 | — | $14.76 (−1.80%) |
Jul 1, 2026 16w ago | Insider Cluster | $16.36 $14.93 | ▼ −8.74% | ▼ −11.70% | $14.76 (−9.78%) |
Jun 1, 2026 21w ago | 8-K | $14.94 $15.40 | ▲ +3.08% | ▲ +1.96% | $14.76 (−1.20%) |
May 20, 2026 22w ago | Insider Cluster | $17.71 $15.76 | ▼ −11.01% | ▼ −16.01% | $14.76 (−16.66%) |
May 15, 2026 23w ago | Insider Cluster | $17.52 $15.42 | ▼ −11.99% | ▼ −16.50% | $14.76 (−15.75%) |
May 5, 2026 24w ago | 8-K | $17.84 $16.65 | ▼ −6.67% | ▼ −8.73% | $14.76 (−17.26%) |
Apr 27, 2026 26w ago | Press Release | $18.81 $16.35 | ▼ −13.08% | ▼ −17.07% | $14.76 (−21.53%) |
Apr 6, 2026 29w ago | 8-K | $18.08 $16.37 | ▼ −9.46% | ▼ −22.73% | $14.76 (−18.36%) |
Mar 9, 2026 33w ago | Press Release | $14.96 $14.69 | ▼ −1.80% | ▼ −13.49% | $14.76 (−1.34%) |
US Market Status
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