Greenlight Capital Re has reported Q3 2025 net underwriting income of $22.3 million, up sharply from $6.1 million a year earlier, as the combined ratio improved to a record low of 86.6%.
Greg Richardson, Chief Executive Officer of Greenlight Re, commented, “We are pleased with our third quarter 2025 underwriting results, which resulted in a combined ratio of 86.6%, the lowest in the Company’s history.
“We demonstrated our ability to achieve strong margins, supported by robust performance in our underwriting book and favourable catastrophe loss activity.
“These results underscore the effectiveness of our strategy, the quality of our risk selection, and our performance-driven culture.”
Despite stronger underwriting results, Greenlight Re reported a total investment loss of $17.4 million in Q3 2025, compared with investment income of $30.3 million a year earlier, resulting in a net loss of $4.4 million for the quarter.
On this, David Einhorn, Chairman of the Board of Directors, said, “The investment environment remains difficult for our style, and the Solasglas investment portfolio lost 3.2% during the third quarter.
“Our long positions did not keep up with a strong equity market, while our short positions hurt our overall results. The Company’s best-ever underwriting result helped offset the weak investment results, and we continued to buy back our stock at an attractive price.”
For the nine months ended September 30, 2025, Greenlight Re reported gross premiums written of $612.0 million, up 10.3% from the same period in 2024.
Net premiums earned rose 5.0% to $495.5 million, while net underwriting income more than doubled to $22.6 million from $9.8 million a year earlier.
The combined ratio improved to 95.4% from 97.9%, reflecting stronger underwriting performance, though a sharp decline in total investment income to $15.3 million from $77 million in the prior-year period resulted in a lower net income of $25.6 million, compared with $70.2 million in 2024.
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