Greenlight Re reports improved Q2’25 underwriting result despite investment setback

Greenlight Re reported net income of $0.3 million for Q2 2025, a sharp decline from $8.0 million in Q2 2024, primarily due to a $7.8 million investment loss this quarter versus $15.3 million in investment income a year earlier.

David Einhorn, Chairman of the Board of Directors, commented on this, “The Solasglas investment portfolio lost 4.0% during a difficult quarter.

“We continue to have a defensive stance, with a nearly flat net exposure, and our long investments failed to keep up with a strongly rising market.

“Despite this, our strong underwriting result and share buyback allowed us to increase our fully diluted book value per share.”

Greenlight Re’s gross premiums written increased 6.3% to $179.6 million in Q2 2025, while net premiums earned increased 2.0% to $161.6 million.

As Einhorn mentioned, net underwriting income for the firm in Q2 2025 was $8.1 million, up considerably from $0.3 million in Q2 2024.

Greenlight Re’s combined ratio was also much improved, lowering to 95% in Q2 2025 from 99.9% in Q2 2024.

Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We are pleased with our second quarter 2025 underwriting results, which reflect the strength and discipline of our portfolio, and we believe our book is well-positioned for a strong second half of the year.

“We remain committed to creating long-term value for shareholders, as demonstrated by our ongoing capital management strategy and focus on operational performance.”

Turning to the figures for the first six months of 2025, gross premiums written increased 10.7% from the same period of 2024 to $427.6 million, and net premiums earned rose 3.2% to $330.1 million.

However, net underwriting income declined to $0.3 million from $3.7 million in the first 6 months of this year, and the combined ratio worsened slightly to 99.9% from 98.9%.

Total investment income also fell to $32.7 million, down from $46.7 million in the first half of 2024.