The sharp improvement in underwriting discipline and profitability, combined with strong investment returns, suggests a meaningful operational turnaround. Traders should monitor whether this trend continues into 2026 and whether the current stock price (~$14) reflects the improved book value ($20.43), indicating potential upside.
Price Chart
Executive Summary
Greenlight Capital Re reported strong Q4 and full-year 2025 results, with a significant turnaround in underwriting profitability. The combined ratio improved to 92.1% in Q4 (from 112.1% in Q4 2024) and 94.6% for the full year (from 101.4%), driven by higher premiums and lower loss ratios. Net income surged to $74.8 million ($2.17 per share) for the year, up from $42.8 million ($1.24), while fully diluted book value per share grew 13.8% to $20.43.
Key Financial Metrics
Key Facts
- Q4 net premiums earned increased 12% YoY to $165.6 million
- Q4 net underwriting income was $13.0 million vs. a $18.0 million loss in Q4 2024
- Full-year net income rose 74% to $74.8 million on $661.1 million in net premiums earned
- Combined ratio improved to 94.6% for the year from 101.4% in 2024
- Fully diluted book value per share increased 13.8% to $20.43
- Investment in Solasglas returned 7.5% for the year, contributing $35.7 million in income
Financial Impact
Net income up 74% YoY to $74.8 million; book value per share up 13.8%; underwriting swung from loss to $35.7 million profit
Risk Factors
- Investment performance remains concentrated in Solasglas, which contributed most of the investment gains
- Forward-looking statements cite risks including A.M. Best rating changes and catastrophe losses
- Total investment income declined slightly for the full year despite Solasglas gains, due to lower net investment income
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3252318 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 18, 2026 5w ago | Insider Cluster | $15.03 | awaiting T+60 | — | $15.02 (−0.07%) |
Jul 1, 2026 16w ago | Insider Cluster | $16.36 $14.93 | ▼ −8.74% | ▼ −11.70% | $15.02 (−8.19%) |
Jun 1, 2026 21w ago | 8-K | $14.94 $15.40 | ▲ +3.08% | ▲ +1.96% | $15.02 (+0.54%) |
May 20, 2026 22w ago | Insider Cluster | $17.71 $15.76 | ▼ −11.01% | ▼ −16.01% | $15.02 (−15.19%) |
May 15, 2026 23w ago | Insider Cluster | $17.52 $15.42 | ▼ −11.99% | ▼ −16.50% | $15.02 (−14.27%) |
May 5, 2026 24w ago | 8-K | $17.84 $16.65 | ▼ −6.67% | ▼ −8.73% | $15.02 (−15.81%) |
Apr 27, 2026 26w ago | Press Release | $18.81 $16.35 | ▼ −13.08% | ▼ −17.07% | $15.02 (−20.15%) |
Apr 6, 2026 29w ago | 8-K | $18.08 $16.37 | ▼ −9.46% | ▼ −22.73% | $15.02 (−16.92%) |
Mar 9, 2026 33w ago | Press Release | $14.96 $14.69 | ▼ −1.80% | ▼ −13.49% | $15.02 (+0.40%) |
US Market Status
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