Greenlight Re(GLRE) - 2025 Q3 - Quarterly Results

Premiums and Underwriting - Gross premiums written increased by 9.5% to $184.4 million in Q3 2025, compared to Q3 2024[6] - Net underwriting income for Q3 2025 was $22.3 million, a significant increase from $6.1 million in Q3 2024[6] - For the nine months ended September 30, 2025, gross premiums written increased by 10.3% to $612.0 million compared to the same period in 2024[6] - Gross premiums written totaled $611,950,000, a decrease from $628,377,000 in the previous period[16] - Net premiums written were $546,606,000, reflecting a decline from $562,682,000[16] - Net premiums earned reached $495,523,000, compared to $515,419,000 previously[16] - Underwriting income was $22,613,000, down from $24,298,000[16] - The combined ratio improved to 86.6% in Q3 2025, down from 95.9% in Q3 2024, marking the lowest in the company's history[5] - The combined ratio improved to 95.4%, down from 96.7%[16] - The loss ratio was 62.8%, compared to 61.3% in the previous period[16] Investment Performance - Total investment loss for Q3 2025 was $17.4 million, compared to total investment income of $30.3 million in Q3 2024[6] - The investment portfolio, Solasglas, experienced a loss of 3.2% during Q3 2025[7] - Net investment income totaled $15,807,000, compared to a loss of $2,950,000 in the prior period[16] Financial Results - Net loss for Q3 2025 was $4.4 million, or -$0.13 per diluted ordinary share, compared to a net income of $35.2 million, or $1.01 per diluted ordinary share in Q3 2024[6] - Income before income taxes was $27,705,000, a decrease from $35,960,000[16] - Net loss and LAE incurred amounted to $311,556,000, an increase from $288,593,000[16] Equity and Book Value - The fully diluted book value per share decreased by 0.4% to $18.90 as of September 30, 2025, from $18.97 at June 30, 2025[6] - Basic book value per share is $19.32 as of September 30, 2025, compared to $19.40 on June 30, 2025[29] - Fully diluted book value per share is $18.90 as of September 30, 2025, compared to $18.97 on June 30, 2025[29] - Total equity reported under U.S. GAAP as of September 30, 2025, is $658.889 million[29] - Total equity reported under U.S. GAAP was $663.418 million as of September 30, 2024[29] - Basic book value per share was $18.26 as of December 31, 2024[29] - Fully diluted book value per share was $17.95 as of December 31, 2024[29] - The number of ordinary shares outstanding decreased from 34,831,324 on December 31, 2024, to 34,099,226 on September 30, 2025[29] - Ordinary shares issued and outstanding as of September 30, 2025, is 34,099,226[29] - In-the-money stock options and all outstanding RSUs total 757,505 as of September 30, 2025[29] - Denominator for fully diluted book value per share is 34,856,731 as of September 30, 2025[29] Assets - The total assets of the company increased to $2.134 billion as of September 30, 2025, compared to $2.016 billion at December 31, 2024[13]