Greenlight Re(US:GLRE) Globenewswire·2025-11-03 21:15Core Insights - Greenlight Capital Re achieved record quarterly underwriting income with a combined ratio of 86.6%, the lowest in the company's history, indicating strong margins and effective risk selection [3][5][11] - The investment environment remains challenging, with the Solasglas investment portfolio experiencing a loss of 3.2% during the third quarter, which negatively impacted overall results despite strong underwriting performance [3][5] Financial Performance - Gross premiums written increased by 9.5% to $184.4 million in Q3 2025, while net premiums earned rose by 8.9% to $165.4 million [5][11] - Net underwriting income for Q3 2025 was $22.3 million, a significant increase from $6.1 million in Q3 2024 [5][11] - The total investment loss for Q3 2025 was $17.4 million, compared to total investment income of $30.3 million in the same period last year [5][11] - The 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 [5][11] Underwriting Metrics - The combined ratio for the nine months ended September 30, 2025, was 95.4%, an improvement from 97.9% in the same period of 2024 [5][11] - The current year loss ratio for Q3 2025 was 53.1%, down from 65.0% in Q3 2024, indicating improved underwriting efficiency [12][11] - The acquisition cost ratio for Q3 2025 was 28.4%, compared to 30.4% in Q3 2024, reflecting better cost management [12][11] Shareholder Actions - The company repurchased $2.0 million of shares at an average cost of $12.88 per share during the quarter [5][11] - Fully diluted book value per share decreased by 0.4% to $18.90 from $18.97 at June 30, 2025 [5][11]