GLRE

AM Best Ratings Upgrade: Greenlight Capital Re, Ltd. received an upgrade from AM Best, raising its Financial Strength Rating to "A" and Long-Term Issuer Credit Rating to "a" for its subsidiaries, reflecting a strong balance sheet and improved return metrics.

CEO's Statement: CEO Greg Richardson expressed pride in the upgraded rating, attributing it to the company's strategic efforts and record quarterly underwriting performance, positioning Greenlight Re for future market opportunities.

Forward-Looking Statements: The release includes forward-looking statements that involve risks and uncertainties, such as potential rating downgrades and investment performance, which could affect actual results.

Company Overview: Greenlight Re provides multiline property and casualty insurance and reinsurance, complemented by a non-traditional investment approach and an innovations unit that supports technology in the (re)insurance sector.

Record Underwriting Income: Greenlight Capital Re reported a record net underwriting income of $22.3 million for Q3 2025, with a combined ratio of 86.6%, the lowest in the company's history, reflecting strong margins and effective risk selection.

Premium Growth: The company experienced a 9.5% increase in gross premiums written, totaling $184.4 million for the third quarter, and a 10.3% increase for the nine months ended September 30, 2025, reaching $612.0 million.

Investment Losses: Despite strong underwriting results, Greenlight Re faced a total investment loss of $17.4 million in Q3 2025, contrasting with a total investment income of $30.3 million in the same quarter of the previous year.

Share Buybacks and Book Value: The company repurchased $2.0 million of shares at an average cost of $12.88 per share, with a slight decrease in fully diluted book value per share to $18.90 from $18.97 at the end of June 2025.