Greenlight Re(GLRE) - 2025 Q2 - Quarterly Results

Premiums and Underwriting Performance - Gross premiums written increased by 6.3% to $179.6 million in Q2 2025, and by 10.7% to $427.6 million for the six months ended June 30, 2025[6] - Net underwriting income for Q2 2025 was $8.1 million, a significant increase from $0.3 million in Q2 2024[6] - The combined ratio improved to 95.0% in Q2 2025, down from 99.9% in Q2 2024[6] - For the six months ended June 30, 2025, net premiums earned increased by 3.2% to $330.1 million compared to the same period in 2024[6] - The combined ratio for the six months ended June 30, 2025, was 99.9%, compared to 98.9% for the same period in 2024, indicating a slight deterioration in underwriting performance[20] - Underwriting income for the six months ended June 30, 2025, was $315,000, a decrease from $3,718,000 in 2024, indicating a decline in underwriting profitability[20] Investment Performance - Total investment loss for Q2 2025 was $7.8 million, compared to total investment income of $15.3 million in Q2 2024[6] - The company reported a total investment income of $32.7 million for the six months ended June 30, 2025, down from $46.7 million in the same period in 2024[6] - Net investment income for the six months ended June 30, 2025, was $18,757,000, an increase from $24,126,000 in 2024, showing a decrease of 22.3%[20] - Foreign exchange gains for the six months ended June 30, 2025, were $10,626,000, compared to losses of $2,581,000 in 2024, indicating a significant turnaround in foreign exchange performance[20] Net Income and Earnings - Net income for Q2 2025 was $0.3 million, or $0.01 per diluted ordinary share, down from $8.0 million, or $0.23 per diluted ordinary share in Q2 2024[6] - Income (loss) before income taxes for the six months ended June 30, 2025, was $31,584,000, compared to $35,951,000 in 2024, reflecting a decrease of 12.1%[20] Shareholder Equity and Book Value - Fully diluted book value per share increased by 0.5% to $18.97 as of June 30, 2025, from $18.87 at March 31, 2025[6] - Basic book value per share increased to $19.40 as of June 30, 2025, from $19.30 on March 31, 2025, reflecting a growth of 0.5%[29] - The basic book value per share has shown a consistent upward trend from $17.95 on June 30, 2024, to $19.40 on June 30, 2025, representing an increase of 8.05%[29] - The fully diluted book value per share has also increased from $17.65 on June 30, 2024, to $18.97 on June 30, 2025, reflecting a growth of 7.48%[29] - Total equity reported under U.S. GAAP as of June 30, 2025, is $663.318 million, compared to $666.804 million on March 31, 2025[29] Share Repurchase and Outstanding Shares - The company repurchased $5.0 million of shares at an average cost of $13.99 per share during the quarter[6] - The number of ordinary shares issued and outstanding decreased to 34,198,153 as of June 30, 2025, from 34,557,449 on March 31, 2025, a decline of approximately 1.05%[29] - The number of fully diluted shares increased from 35,421,325 on March 31, 2025, to 34,973,277 on June 30, 2025, indicating a reduction in dilution[29]