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    Greenlight Capital Re (GLRE)

    Market Price (7/28/2026): $17.17 | Market Cap: $577.2 MilSector: Financials | Industry: Reinsurance

    Greenlight Capital Re (GLRE)

    Market Price (7/28/2026): $17.17
    Market Cap: $577.2 Mil
    Sector: Financials
    Industry: Reinsurance

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.7%, FCF Yield is 41%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%

    Low stock price volatility
    Vol 12M is 26%

    Megatrend and thematic drivers
    Megatrends include Global Risk Management. Themes include Catastrophic Risk Transfer, Specialty Lines Reinsurance, and Alternative Capital Solutions for Risk.

    Weak multi-year price returns
    2Y Excs Rtn is -1.5%

    Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -14%

    Key risks
    GLRE key risks include [1] a history of weak underwriting performance, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.7%, FCF Yield is 41%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%
    3 Low stock price volatility
    Vol 12M is 26%
    4 Megatrend and thematic drivers
    Megatrends include Global Risk Management. Themes include Catastrophic Risk Transfer, Specialty Lines Reinsurance, and Alternative Capital Solutions for Risk.
    5 Weak multi-year price returns
    2Y Excs Rtn is -1.5%
    6 Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -14%
    7 Key risks
    GLRE key risks include [1] a history of weak underwriting performance, Show more.

    GLRE in ETFs

    Weight = GLRE's share of each fund

    IWM0.01%
    AVUV0.03%
    IWN0.03%
    VTWO0.01%
    DFAS0.01%
    DFAC0.00%
    IWV0.00%

    Valuation & Metrics

    FYE: 12/31GLRE [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$656.1 Mil—
    FY 2026 Sales$741.7 Mil—
    FY 2027 Sales$790.0 Mil—
    FY 2026 Sales Growth13.0%—
    FY 2027 Sales Growth6.5%13.3%
    EARNINGS
    LTM Net Income (GAAP) [3]$81.0 Mil—
    FY 2026 Net Income (Non-GAAP)$62.1 Mil—
    FY 2027 Net Income (Non-GAAP)$51.9 Mil—
    FY 2027 Net Income Growth-16.5%19.9%
    FY 2026 EPS (Non-GAAP)$1.80—
    FY 2027 EPS (Non-GAAP)$1.50—
    FY 2027 EPS Growth-16.5%—
    VALUATION
    FY 2026 P/S0.81.6
    FY 2027 P/S0.7—
    FY 2026 P/E9.37.6
    FY 2027 P/E11.1—

    [1] GLRE forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    Number of Employees7511072025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/1/2026

    Greenlight Capital Re (GLRE) stock has remained largely at the same level since 3/31/2026 because of the following key factors:

    1. Underperformance of the Solasglas Investment Portfolio.

    The Solasglas investment portfolio experienced a significant setback in May 2026 with a -6% return, which substantially impacted its overall year-to-date performance, reducing it to approximately 0.8% for the first five months of 2026. This negative investment performance is a direct drag on the company's profitability, as Greenlight Capital Re's trajectory remains tied to the fund's results.

    2. Weakening Underwriting Outlook and Concerns Over Business Mix Shift.

    While Q1 2026 saw an improved combined ratio of 96.0%, the outlook for subsequent underwriting performance is clouded by expected declining premiums in the Open Market segment due to softer market conditions. Additionally, the company is growing its Innovations segment, which reported a loss-making combined ratio of 102.3% in Q1 2026, raising concerns about future profitability as this segment expands.

    Show more
    Updated on 7/1/2026

    Greenlight Capital Re (GLRE) stock has remained largely at the same level since 3/31/2026 because of the following key factors:

    1. Underperformance of the Solasglas Investment Portfolio.

    The Solasglas investment portfolio experienced a significant setback in May 2026 with a -6% return, which substantially impacted its overall year-to-date performance, reducing it to approximately 0.8% for the first five months of 2026. This negative investment performance is a direct drag on the company's profitability, as Greenlight Capital Re's trajectory remains tied to the fund's results.

    2. Weakening Underwriting Outlook and Concerns Over Business Mix Shift.

    While Q1 2026 saw an improved combined ratio of 96.0%, the outlook for subsequent underwriting performance is clouded by expected declining premiums in the Open Market segment due to softer market conditions. Additionally, the company is growing its Innovations segment, which reported a loss-making combined ratio of 102.3% in Q1 2026, raising concerns about future profitability as this segment expands.

    3. Persistent Investor Skepticism Despite Positive Q1 Results and Share Buybacks.

    Despite reporting a solid Q1 2026 net income of $35.8 million and initiating substantial share repurchases, including $9.5 million in April 2026 at an average price of $18.38 per share and a new $40 million plan, investor caution persists. This skepticism is attributed to Greenlight Capital Re's hybrid reinsurer/hedge fund profile and a demand for sustainable underwriting gains, rather than singular strong quarters.

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    Stock Movement Drivers

    Fundamental Drivers

    The -0.6% change in GLRE stock from 3/31/2026 to 7/27/2026 was primarily driven by a -8.0% change in the company's P/E Multiple.
    (LTM values as of)33120267272026Change
    Stock Price ($)17.2917.19-0.6%
    Change Contribution By: 
    Total Revenues ($ Mil)682656-3.7%
    Net Income Margin (%)11.0%12.3%12.4%
    P/E Multiple7.87.1-8.0%
    Shares Outstanding (Mil)3434-0.1%
    Cumulative Contribution-0.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 7/27/2026
    ReturnCorrelation
    GLRE-0.6% 
    Market (SPY)13.6%-31.2%
    Sector (XLF)15.2%17.7%

    Fundamental Drivers

    The 17.9% change in GLRE stock from 12/31/2025 to 7/27/2026 was primarily driven by a 17.1% change in the company's P/S Multiple.
    (LTM values as of)123120257272026Change
    Stock Price ($)14.5817.1917.9%
    Change Contribution By: 
    Total Revenues ($ Mil)6556560.2%
    P/S Multiple0.80.917.1%
    Shares Outstanding (Mil)34340.4%
    Cumulative Contribution17.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    12/31/2025 to 7/27/2026
    ReturnCorrelation
    GLRE17.9% 
    Market (SPY)8.7%-9.6%
    Sector (XLF)4.4%23.2%

    Fundamental Drivers

    The 19.6% change in GLRE stock from 6/30/2025 to 7/27/2026 was primarily driven by a 77.8% change in the company's Net Income Margin (%).
    (LTM values as of)63020257272026Change
    Stock Price ($)14.3717.1919.6%
    Change Contribution By: 
    Total Revenues ($ Mil)6546560.3%
    Net Income Margin (%)6.9%12.3%77.8%
    P/E Multiple10.77.1-33.5%
    Shares Outstanding (Mil)34341.0%
    Cumulative Contribution19.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2025 to 7/27/2026
    ReturnCorrelation
    GLRE19.6% 
    Market (SPY)20.6%0.5%
    Sector (XLF)9.9%28.4%

    Fundamental Drivers

    The 63.2% change in GLRE stock from 6/30/2023 to 7/27/2026 was primarily driven by a 69.2% change in the company's Net Income Margin (%).
    (LTM values as of)63020237272026Change
    Stock Price ($)10.5417.1963.2%
    Change Contribution By: 
    Total Revenues ($ Mil)50765629.5%
    Net Income Margin (%)7.3%12.3%69.2%
    P/E Multiple9.77.1-26.5%
    Shares Outstanding (Mil)34341.3%
    Cumulative Contribution63.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2023 to 7/27/2026
    ReturnCorrelation
    GLRE63.2% 
    Market (SPY)72.6%26.8%
    Sector (XLF)76.3%42.3%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    GLRE Return7%4%40%23%4%17%132%
    Peers Return10%12%26%38%19%12%187%
    S&P 500 Return27%-19%24%23%16%8%97%

    Monthly Win Rates [3]
    GLRE Win Rate58%33%58%42%33%71% 
    Peers Win Rate53%57%57%63%63%60% 
    S&P 500 Win Rate75%42%67%75%67%43% 

    Max Drawdowns [4]
    GLRE Max Drawdown-29%-17%-10%-12%-20%-23% 
    Peers Max Drawdown-20%-26%-19%-14%-15%-13% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: RNR, ACGL, AXS, SPNT, WRB.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 7/27/2026 (YTD)

    How Low Can It Go

    EventGLRES&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-14.5%-24.5%
      % Gain to Breakeven16.9%32.4%
      Time to Breakeven39 days427 days
    2020 COVID-19 Crash
      % Loss-41.8%-33.7%
      % Gain to Breakeven71.8%50.9%
      Time to Breakeven344 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-30.8%-19.2%
      % Gain to Breakeven44.5%23.8%
      Time to Breakeven1884 days105 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-20.9%-17.9%
      % Gain to Breakeven26.5%21.8%
      Time to Breakeven114 days123 days
    2010 Eurozone Sovereign Debt Crisis / Flash Crash
      % Loss-15.3%-15.4%
      % Gain to Breakeven18.1%18.2%
      Time to Breakeven159 days125 days
    2008-2009 Global Financial Crisis
      % Loss-58.2%-53.4%
      % Gain to Breakeven139.1%114.4%
      Time to Breakeven350 days1085 days

    Compare to RNR, ACGL, AXS, SPNT, WRB

    In The Past

    Greenlight Capital Re's stock fell -7.5% during the 2025 US Tariff Shock. Such a loss loss requires a 8.1% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventGLRES&P 500
    2020 COVID-19 Crash
      % Loss-41.8%-33.7%
      % Gain to Breakeven71.8%50.9%
      Time to Breakeven344 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-30.8%-19.2%
      % Gain to Breakeven44.5%23.8%
      Time to Breakeven1884 days105 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-20.9%-17.9%
      % Gain to Breakeven26.5%21.8%
      Time to Breakeven114 days123 days
    2008-2009 Global Financial Crisis
      % Loss-58.2%-53.4%
      % Gain to Breakeven139.1%114.4%
      Time to Breakeven350 days1085 days

    Compare to RNR, ACGL, AXS, SPNT, WRB

    In The Past

    Greenlight Capital Re's stock fell -7.5% during the 2025 US Tariff Shock. Such a loss loss requires a 8.1% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Greenlight Capital Re (GLRE)

    ```html

    Greenlight Capital Re, Ltd. (GLRE) operates as a global property and casualty reinsurance company. Essentially, it acts as an insurer for other insurance companies, helping them mitigate and diversify the financial risks associated with the policies they underwrite. This allows primary insurers to manage their exposure to large or catastrophic claims and maintain financial stability.

    The company offers a comprehensive suite of reinsurance products and services. Its main offerings include property reinsurance, covering areas such as automobile physical damage, personal lines, and commercial lines. GLRE also specializes in casualty reinsurance, addressing general liability, motor liability, professional liability, and worker's compensation. Beyond these core areas, Greenlight Capital Re provides specialized coverage for various other risks, including accident and health, transactional liability, mortgage insurance, surety, cyber, political, and terrorism.

    Greenlight Capital Re's primary customers are insurance companies worldwide. The company markets its products and services through reinsurance brokers, facilitating connections with insurers seeking to transfer a portion of their risks. By providing this crucial layer of protection, GLRE helps primary insurers manage their capital more effectively and continue offering essential insurance coverage to their own policyholders.

    ```

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Greenlight Capital Re (GLRE):

    • It's like the State Farm for insurance companies.
    • Think of it as the Allstate for other insurance providers.

    AI Analysis | Feedback

    • Property Reinsurance: Reinsurance products and services covering risks such as automobile physical damage, personal lines, and commercial lines.
    • Casualty Reinsurance: Reinsurance products and services covering risks such as general liability, motor liability, professional liability, and worker's compensation.
    • Specialty Reinsurance: Reinsurance for specific or niche risks including accident and health, transactional liability, mortgage insurance, surety, trade credit, marine, energy, aviation, crop, cyber, political, and terrorism.

    AI Analysis | Feedback

    Greenlight Capital Re (GLRE) operates as a property and casualty reinsurance company. Therefore, its major customers are **primary insurance companies** worldwide. These are the insurance carriers that underwrite and issue policies directly to individuals and businesses, and then transfer a portion of their risk to reinsurers like GLRE. Due to the confidential nature of client relationships within the reinsurance industry, Greenlight Capital Re does not publicly disclose the specific names of its major customer companies. Reinsurance companies typically serve a diverse portfolio of primary insurers across various lines of business and geographies, rather than having a few publicly identifiable "major customers" that dominate their revenue.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Greg Richardson Chief Executive Officer

    Greg Richardson assumed the role of Chief Executive Officer and a director of Greenlight Capital Re on January 1, 2024. Prior to joining Greenlight Re, he served as Chief Risk and Strategy Officer at TransRe from 2014 to 2023. His previous experience includes strategic planning and underwriting roles, notably as Chief Underwriting Officer at Harbour Point Re from 2006 to 2013, which subsequently merged with Max Re Capital to form Alterra Re.

    Faramarz Romer Chief Financial Officer

    Faramarz Romer has served as Chief Financial Officer of Greenlight Capital Re since April 2023. He previously held the positions of Chief Accounting Officer and Treasurer from September 2020 to March 2023. From 2007 to 2020, he was the Reporting and Compliance Officer, overseeing SEC reporting, financial reporting, internal audit, and SOX 404 processes. Before his tenure at Greenlight Re, Mr. Romer was a Senior Manager at KPMG.

    Patrick O'Brien Chief Executive Officer – Ireland

    Patrick O'Brien serves as the Chief Executive Officer for Greenlight Reinsurance Ireland dac, a subsidiary of Greenlight Capital Re. He is also listed as the Chief Operating Officer of Greenlight Re.

    Thomas James Curnock Group Chief Underwriting Officer

    Thomas James Curnock holds the position of Group Chief Underwriting Officer at Greenlight Capital Re.

    David Sigmon General Counsel, Chief Compliance Officer & Corporate Secretary

    David Sigmon has been the General Counsel, Chief Compliance Officer, and Corporate Secretary of Greenlight Capital Re since April 2023. Additionally, he became the Chief Risk Officer of Greenlight Re in March 2025. Before joining the company, he was Vice President and Associate General Counsel at Everest Group, Ltd. from August 2017 to April 2023, where he provided counsel for corporate law, capital markets, and complex transactions. He also served as General Counsel for Unique Risk Underwriting at AmTrust Financial Services, Inc. from 2013 to 2017.

    AI Analysis | Feedback

    Here are the key risks to the business of Greenlight Capital Re (GLRE):

    1. Dependence on Volatile Investment Portfolio: Greenlight Capital Re operates with a "hedge fund reinsurer" model, where its profitability is heavily influenced by the performance of its concentrated investment portfolio, managed by Greenlight Capital through the Solasglas fund. This strategy leads to significant swings in profitability and unpredictable earnings, as investment income often "is the main event, with the potential to dwarf underwriting results." Unfavorable investment outcomes can wipe out underwriting gains and lead to substantial losses, and the fund's performance has not consistently outperformed major market benchmarks.
    2. Underwriting Volatility and Performance: Greenlight Capital Re has historically experienced volatile and often weak underwriting performance, with combined ratios frequently near or above 100%, indicating challenges in consistently generating profits from its core reinsurance business. While recent periods have shown improvement, the company's lack of consistent underwriting discipline and potential for increased severity and frequency of losses could pressure future underwriting margins.
    3. Catastrophe Losses: As a property and casualty reinsurance company, Greenlight Capital Re is exposed to the inherent risk of significant losses from catastrophic events, such as hurricanes, floods, and severe storms. Such events can directly impact the company's loss ratio and combined ratio, leading to underwriting losses and affecting overall financial performance.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Greenlight Capital Re, Ltd. (GLRE) operates within the global property and casualty reinsurance market, offering a diverse range of reinsurance products and services. The addressable markets for its main products and services are substantial and span various global segments.

    Global Reinsurance Market

    The global reinsurance market was valued between approximately USD 472.3 billion and USD 621.39 billion in 2025, with projections for continued growth. For example, one estimate puts the market at USD 477.69 billion in 2025, growing to USD 691.13 billion by 2031 at a Compound Annual Growth Rate (CAGR) of 6.35%. Another report valued the market at USD 472.3 billion in 2025, with an expectation to reach USD 1 trillion by 2035 at an 8.2% CAGR from 2026-2035. Gross reinsurance premiums globally reached $900 billion by the end of 2023.

    Global Property and Casualty (P&C) Reinsurance Market

    The global Property and Casualty (P&C) reinsurance market specifically was valued at approximately USD 509.34 billion in 2025. It is projected to reach USD 566.47 billion in 2026, growing at a CAGR of 11.2%. The non-life reinsurance segment, which encompasses property, casualty, and other general insurance lines, is expected to hold a 67.05% market share in 2026.

    Addressable Markets for Specific Reinsurance Products

    • Cyber Reinsurance: The global cyber insurance market, which forms the underlying basis for cyber reinsurance, was valued at USD 26.25 billion in 2025 and is projected to grow significantly to USD 223.47 billion by 2034, exhibiting a CAGR of 27%. New capacity in the cyber reinsurance market, primarily in non-proportional placements, saw an approximate increase of $250 million in the first half of 2025.
    • Marine Reinsurance: The global marine reinsurance market size was approximately USD 30.56 billion (USD 30,561.5 million) in 2024. The broader global marine insurance market, which includes primary coverage, was valued at USD 36.1 billion in 2025.
    • Surety Reinsurance: The global surety market, which encompasses the bonds and related reinsurance, was valued at US$ 20.26 billion in 2024. It is projected to grow to US$ 31.85 billion by 2031 with a CAGR of 6.6% during 2025–2031.
    • Trade Credit Reinsurance: The global trade credit insurance market, a key area for reinsurance, was estimated at USD 12.99 billion in 2025. It is projected to reach USD 31.01 billion by 2033, growing at a CAGR of 11.3% from 2026 to 2033.
    • Mortgage Reinsurance: The underlying global mortgage insurance market reached an estimated USD 1284.3 billion by the end of 2025. Reinsurers have assumed $17 billion in mortgage exposure over the last five years through credit risk transfer programs from entities like Fannie Mae and Freddie Mac.
    • Transactional Liability Reinsurance: The limits placed in the global transactional risk insurance market, which provides opportunities for reinsurance, amounted to $67.8 billion in 2024.

    AI Analysis | Feedback

    Greenlight Capital Re (GLRE) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market positions:

    1. Growth in the Open Market Segment: The company has demonstrated healthy expansion in its core reinsurance business. In the fourth quarter of 2025, the Open Market segment saw net written premiums increase by 9% and net earned premiums rise by 11%. This indicates continued strength and growth in its traditional reinsurance offerings.
    2. Expansion and Scaling of the Innovations Segment: Greenlight Capital Re's Innovations segment is a significant growth engine. In Q4 2025, gross written premiums for this segment surged by 80%, with full-year gross written premiums increasing by 28%, representing 16% of total premiums. The company is actively investing in this business to prepare for higher future premiums, with renewals in this portfolio showing an 83% premium growth.
    3. Improved Underwriting Performance and Pricing Discipline: Greenlight Capital Re has achieved a notable turnaround in its underwriting results, reporting record underwriting income of $35.7 million in 2025 and improving its combined ratio to 94.6% from 101.4% in the prior year. This stronger underwriting performance and better risk selection are expected to contribute to sustainable premium growth and the ability to secure more favorable pricing.
    4. Enhanced Competitive Positioning from A.M. Best Rating Upgrade: An upgrade of the company's A.M. Best rating to an A (Excellent) is anticipated to improve renewal opportunities and strengthen its competitive standing, particularly heading into renewal seasons. This improved rating can attract more business and facilitate revenue growth.

    AI Analysis | Feedback

    Share Repurchases

    • Greenlight Capital Re repurchased $9.8 million of shares in 2025.
    • The company repurchased $2.8 million of shares during the fourth quarter of 2025 at an average cost of $14.02 per share.
    • As of March 2026, $20.2 million remained under the authorized share buyback plan.

    Share Issuance

    • The number of ordinary shares issued and outstanding was 33,897,709 as of December 31, 2025, and 34,831,324 as of December 31, 2024.
    • Ordinary shares outstanding were 35,336,732 as of December 31, 2023, and 34,824,061 as of December 31, 2022.
    • In 2023, shareholders approved an increase of 2 million in the maximum number of ordinary shares for which awards may be granted under the new 2023 Incentive Plan, which replaced the 2004 Stock Incentive Plan.

    Outbound Investments

    • Greenlight Re allocates its investment assets to Solasglas Investments, LP, an investment fund managed by DME Advisors.
    • The company's investment in Solasglas Investments, LP amounted to $387.1 million as of December 31, 2024, and $258.9 million as of December 31, 2023.
    • Greenlight Re's Innovations pillar focuses on developing risk products through strategic partnerships and other methods to access fee income, underwriting business, and investment upside potential.

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    LITGlobal X Lithium & Battery Tech ETFEquity-12.5%5.8%
    ICLNiShares Global Clean Energy ETFEquity-12.2%8.4%
    MTUMiShares MSCI USA Momentum Factor ETFEquity-10.9%20.9%
    SPMOInvesco S&P 500 Momentum ETFEquity-9.3%21.7%

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    Peer Comparisons

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    Financials

    GLRERNRACGLAXSSPNTWRBMedian
    NameGreenlig.Renaissa.Arch Cap.Axis Cap.SiriusPo.WR Berkl. 
    Mkt Price17.19328.87103.88117.0525.6475.7089.79
    Mkt Cap0.613.636.78.73.029.711.1
    Rev LTM65611,06319,0786,6393,22414,8198,851
    Op Inc LTM-------
    FCF LTM2373,6065,8591693333,3531,843
    FCF 3Y Avg1233,5616,2251,1132693,3652,239
    CFO LTM2373,6065,9021693333,5071,920
    CFO 3Y Avg1233,5616,2731,1132693,4712,292

    Growth & Margins

    GLRERNRACGLAXSSPNTWRBMedian
    NameGreenlig.Renaissa.Arch Cap.Axis Cap.SiriusPo.WR Berkl. 
    Rev Chg LTM0.3%-14.1%8.1%9.9%21.5%6.2%7.2%
    Rev Chg 3Y Avg9.6%17.1%21.3%7.6%9.7%9.9%9.8%
    Rev Chg Q-14.2%-13.7%-4.7%14.5%6.0%5.1%0.2%
    QoQ Delta Rev Chg LTM-3.7%-3.8%-1.1%3.3%1.4%1.2%0.1%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM36.1%32.6%30.9%2.6%10.3%23.7%27.3%
    CFO/Rev 3Y Avg18.7%31.1%37.8%18.8%9.2%25.3%22.0%
    FCF/Rev LTM36.1%32.6%30.7%2.6%10.3%22.6%26.7%
    FCF/Rev 3Y Avg18.7%31.1%37.5%18.8%9.2%24.5%21.7%

    Valuation

    GLRERNRACGLAXSSPNTWRBMedian
    NameGreenlig.Renaissa.Arch Cap.Axis Cap.SiriusPo.WR Berkl. 
    Mkt Cap0.613.636.78.73.029.711.1
    P/S0.91.21.91.30.92.01.3
    P/Op Inc-------
    P/EBIT6.73.06.66.44.511.96.5
    P/E7.15.27.58.16.015.87.3
    P/CFO2.43.86.251.29.08.57.3
    Total Yield14.0%19.9%13.3%13.9%16.7%8.7%14.0%
    Dividend Yield0.0%0.5%0.0%1.6%0.0%2.4%0.3%
    FCF Yield 3Y Avg23.6%29.7%17.7%15.5%11.8%13.1%16.6%
    D/E0.00.20.10.20.20.10.1
    Net D/E-0.1-0.8-0.3-0.5-0.8-0.8-0.7

    Returns

    GLRERNRACGLAXSSPNTWRBMedian
    NameGreenlig.Renaissa.Arch Cap.Axis Cap.SiriusPo.WR Berkl. 
    1M Rtn2.7%2.9%6.5%8.1%7.5%6.2%6.4%
    3M Rtn-8.9%5.9%7.8%18.1%9.4%15.4%8.6%
    6M Rtn27.6%19.6%10.9%14.5%31.5%14.4%17.1%
    12M Rtn29.5%33.8%16.9%22.8%29.6%12.8%26.2%
    3Y Rtn70.5%76.8%41.4%127.4%170.2%98.2%87.5%
    1M Excs Rtn6.1%6.3%9.4%11.5%10.4%8.5%8.9%
    3M Excs Rtn-13.0%3.0%4.5%14.9%4.4%11.3%4.5%
    6M Excs Rtn21.5%13.4%4.6%8.5%25.5%6.7%10.9%
    12M Excs Rtn13.5%21.9%1.5%7.6%14.5%-3.0%10.6%
    3Y Excs Rtn5.9%3.2%-29.4%65.6%110.8%37.1%21.5%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date5/5/20263/9/202611/3/20258/4/20255/7/20253/10/202511/4/20248/6/20245/8/20243/5/202411/8/20238/2/2023
    Key Financials Quarterly            
    Total Revenue154163160178180136168171168149169157
    Net Income3649-4030-2735827181350
    EPS1.061.47-0.130.010.87-0.811.030.230.790.520.401.46
    Key Financials TTM            
    Total Revenue TTM656682655662654643655656642632605554
    Net Income TTM8175-238454388661088710472
    Growth Rates Quarterly            
    Total Revenue Growth-14.2%19.8%-4.6%4.6%6.9%-8.3%-0.4%8.7%6.3%22.8%42.8%43.2%
    Net Income Growth20.7%279.7%-112.5%-95.9%9.7%-255.7%161.5%-84.0%359.0%-49.3%173.0%237.2%
    Margins Quarterly            
    Net Income Margin23.2%30.2%-2.7%0.2%16.5%-20.1%21.0%4.7%16.1%11.9%8.0%31.8%
    Cash & Debt            
    Total Cash7511269824765555262514156
    Total Debt5535596061636272737563
    Net Debt / (Cash)-70-107-34-2312-4891122348
    Cash Flows Quarterly            
    FCF from Operations371003168103041231822-152
    Cash Flows TTM            
    FCF from Operations TTM23721014015010411210448278-19-17
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases5325-0-07-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC34.9%52.5%-3.5%0.3%23.8%-22.8%28.6%6.4%21.6%13.8%10.4%40.6%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM19.8%19.9%-0.1%8.2%9.1%8.9%17.8%13.2%21.6%17.0%20.0%14.5%

    Segment Financials

    Assets by Segment
    $ Mil202520242023
    Corporate1,5601,4511,151
    Open Market480455485
    Innovations13011098
    Total2,1702,0161,735


    Price Behavior

    Price Behavior
    Market Price$17.19 
    Market Cap ($ Bil)0.6 
    First Trading Date05/24/2007 
    Distance from 52W High-9.5% 
       50 Days200 Days
    DMA Price$16.34$15.14
    DMA Trendupdown
    Distance from DMA5.2%13.5%
     3M1YR
    Volatility30.8%26.0%
    Downside Capture-101.31-20.45
    Upside Capture-128.0314.26
    Correlation (SPY)-45.7%-0.6%
    GLRE Betas & Captures as of 6/30/2026

     1M2M3M6M1Y3Y
    Beta-1.00-0.95-0.33-0.090.090.47
    Up Beta0.630.870.730.540.410.53
    Down Beta-1.49-1.67-1.93-0.37-0.290.38
    Up Capture-107%-122%-31%-5%13%22%
    Bmk +ve Days11244067140429
    Stock +ve Days9142963127369
    Down Capture-150%-107%-57%-51%9%70%
    Bmk -ve Days10172358112321
    Stock -ve Days12273462121357

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with GLRE
    GLRE30.2%25.9%0.98-
    Sector ETF (XLF)8.5%14.7%0.3426.6%
    Equity (SPY)17.6%12.7%1.00-0.8%
    Gold (GLD)20.8%28.1%0.66-4.6%
    Commodities (DBC)29.6%19.5%1.21-12.5%
    Real Estate (VNQ)13.9%14.1%0.6932.8%
    Bitcoin (BTCUSD)-46.0%43.0%-1.315.4%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with GLRE
    GLRE15.0%26.7%0.52-
    Sector ETF (XLF)12.0%18.4%0.5142.6%
    Equity (SPY)13.2%17.1%0.5931.0%
    Gold (GLD)17.2%18.4%0.755.5%
    Commodities (DBC)9.7%19.5%0.387.2%
    Real Estate (VNQ)3.3%18.9%0.0731.7%
    Bitcoin (BTCUSD)15.8%53.5%0.4714.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with GLRE
    GLRE-1.3%31.8%0.03-
    Sector ETF (XLF)13.6%22.0%0.5646.5%
    Equity (SPY)14.9%17.9%0.7135.6%
    Gold (GLD)11.4%16.1%0.583.4%
    Commodities (DBC)6.9%18.0%0.3014.3%
    Real Estate (VNQ)5.2%20.7%0.2134.4%
    Bitcoin (BTCUSD)58.0%66.2%0.9810.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date7152026
    Short Interest: Shares Quantity0.7 Mil
    Short Interest: % Change Since 63020269.8%
    Average Daily Volume0.2 Mil
    Days-to-Cover Short Interest4.3 days
    Basic Shares Quantity33.6 Mil
    Short % of Basic Shares2.1%

    Earnings Returns History

    Updated 6/8/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/5/2026-0.3%-2.2%-16.3%
    3/9/20265.4%16.8%29.4%
    11/3/2025-2.0%4.8%13.9%
    8/5/20250.2%0.9%-1.7%
    5/7/20250.1%-2.2%7.1%
    3/10/2025-3.1%-1.8%-6.7%
    5/8/20242.1%2.9%-1.3%
    3/5/20243.3%1.3%3.1%
    ...
    SUMMARY STATS   
    # Positive121211
    # Negative9910
    Median Positive3.5%5.2%7.1%
    Median Negative-1.9%-2.2%-5.7%
    Max Positive6.3%16.8%29.4%
    Max Negative-9.1%-10.0%-16.3%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/5/2026-0.3%-2.2%-16.3%
    3/9/20265.4%16.8%29.4%
    11/3/2025-2.0%4.8%13.9%
    8/5/20250.2%0.9%-1.7%
    5/7/20250.1%-2.2%7.1%
    3/10/2025-3.1%-1.8%-6.7%
    5/8/20242.1%2.9%-1.3%
    3/5/20243.3%1.3%3.1%
    8/2/20236.3%10.2%6.5%
    5/9/2023-5.4%-10.0%-5.2%
    3/8/20233.6%-1.5%-5.9%
    11/2/2022-9.1%-4.9%-5.5%
    8/2/20223.7%6.6%11.1%
    5/3/20225.5%3.9%8.7%
    3/8/2022-1.9%-4.8%-7.2%
    11/3/2021-1.5%1.5%-7.2%
    8/3/2021-1.1%-1.1%-4.5%
    5/5/2021-1.7%-2.0%1.7%
    3/10/20215.5%5.5%4.8%
    11/4/20201.6%10.8%13.2%
    8/5/20200.7%8.3%3.0%
    SUMMARY STATS   
    # Positive121211
    # Negative9910
    Median Positive3.5%5.2%7.1%
    Median Negative-1.9%-2.2%-5.7%
    Max Positive6.3%16.8%29.4%
    Max Negative-9.1%-10.0%-16.3%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/05/202610-Q
    12/31/202503/09/202610-K
    09/30/202511/03/202510-Q
    06/30/202508/04/202510-Q
    03/31/202505/07/202510-Q
    12/31/202403/10/202510-K
    09/30/202411/04/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/05/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/08/202310-K
    09/30/202211/02/202210-Q
    06/30/202208/02/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/05/202610-Q
    12/31/202503/09/202610-K
    09/30/202511/03/202510-Q
    06/30/202508/04/202510-Q
    03/31/202505/07/202510-Q
    12/31/202403/10/202510-K
    09/30/202411/04/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/05/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/08/202310-K
    09/30/202211/02/202210-Q
    06/30/202208/02/202210-Q
    03/31/202205/03/202210-Q
    12/31/202103/08/202210-K
    09/30/202111/03/202110-Q
    06/30/202108/03/202110-Q
    03/31/202105/05/202110-Q
    12/31/202003/10/202110-K
    09/30/202011/04/202010-Q
    06/30/202008/05/202010-Q
    03/31/202005/05/202010-Q
    12/31/201903/09/202010-K
    09/30/201911/06/201910-Q
    06/30/201908/05/201910-Q

    Insider Activity

    Updated 7/1/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Isaacs, Ian DirectSell701202616.721,19119,914836,000Form
    2Isaacs, Ian DirectSell626202616.064,00064,245822,194Form
    3Isaacs, Ian DirectSell626202616.645,00083,184918,202Form
    4O'Brien, PatrickChief Operating OfficerDirectSell625202616.363,02649,5043,413,173Form
    5Isaacs, Ian DirectSell624202616.339,230150,710982,817Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Isaacs, Ian DirectSell701202616.721,19119,914836,000Form
    2Isaacs, Ian DirectSell626202616.064,00064,245822,194Form
    3Isaacs, Ian DirectSell626202616.645,00083,184918,202Form
    4O'Brien, PatrickChief Operating OfficerDirectSell625202616.363,02649,5043,413,173Form
    5Isaacs, Ian DirectSell624202616.339,230150,710982,817Form
    6Isaacs, Ian DirectSell624202615.921,71627,3161,105,092Form
    7Platt, Joseph P JR See footnoteSell527202616.8711,747  Form
    8Platt, Joseph P JR See footnoteSell520202618.0123,613425,270211,563Form
    9Platt, Joseph P JR See footnoteSell518202617.5012,000210,000618,800Form
    10Platt, Joseph P JR See footnoteSell514202617.5082014,350828,800Form
    11Platt, Joseph P JR See footnoteSell514202617.506,820119,350843,150Form
    12Diaz, SherryControllerDirectSell31120260.00987  Form
    13Romer, FaramarzChief Financial OfficerDirectSell31120260.002,689  Form
    14Curnock, Thomas JamesGrp Chief Underwriting OfficerDirectSell31120260.006,552  Form
    15Oreilly, Brian JosephHead of InnovationsDirectSell31120260.002,195  Form
    16Strommer, Richard PaulChief ActuaryDirectSell31120260.002,786  Form
    17Foley, Ursuline F DirectBuy1121202512.925,00064,591698,875Form
    18Platt, Joseph P JR Held by The Mary Jane & Joseph P Platt Jr. Family Foundation Inc.Buy1119202512.975,00064,86364,863Form
    19Richardson, GregChief Executive OfficerDirectBuy1110202512.9220,000258,4001,034,776Form
    20Richardson, GregChief Executive OfficerDirectBuy1110202512.6330,000378,900758,949Form
    21Curnock, Thomas JamesGrp Chief Underwriting OfficerDirectSell1107202512.589,942125,0702,137,216Form
    22Isaacs, Ian DirectSell919202512.798,393107,346909,842Form
    23Curnock, Thomas JamesGrp Chief Underwriting OfficerDirectSell812202512.9311,500148,7472,326,037Form

    Industry Resources

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    Core Cache Last Updated: 7/27/2026