Greenlight Capital Re Ltd
greenlightre.comWhat Do They Do?
Provides property and casualty reinsurance to insurance companies worldwide, including specialty coverage. Supports technology-driven insurance partners with investment capital and reinsurance capacity.
10-K for FY2025, filed Mar 9, 2026Established in 2004, we are a global specialty property and casualty (“P&C”) reinsurer headquartered in the Cayman Islands and listed on…View ↗
Since 2018, we have been making strategic capital investments in startup companies and managing general agents (“MGAs”). In addition to the…View ↗
We provide treaty reinsurance to insurance companies on a global basis, written on a proportional or non-proportional (also known as excess…View ↗
During 2025, we have expanded our Innovations business, with gross premiums written increasing 28% to $121.6 million (see “Reportable…View ↗
How Do They Make Money?
Insurers pay premiums for property and casualty coverage Greenlight Re reinsures; those premiums are earned over the coverage period. The company also earns investment income and fees from advisory work, overrides, profit commissions, and early contract terminations.
10-K for FY2025, filed Mar 9, 2026premiums from reinsurance on property and casualty business assumed (net of any premiums ceded) - see “Critical Accounting Estimates”…View ↗
income (or loss) generated from our investment in Solasglas, net of management fee and performance compensation; gains (or losses) from our…View ↗
In addition, we may from time to time derive other income from foreign exchange gains (or losses) relating to underwriting balances, net…View ↗
Premiums written are recognized as earned over the contract period in proportion to the risk covered. Unearned premiums represent the…View ↗
-
10-K for FY2025, filed Mar 9, 2026
FY2025 revenue by reportable segment (Net investment income) ↗
$729.8M
-
10-K for FY2025, filed Mar 9, 2026
$729.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Open Market
Recurring
10-K for FY2025, filed Mar 9, 2026 |
131%
FY2022: 59%
|
Open Market, FY2025
$32M Sources
|
Recurring |
|
Innovations
Recurring
|
−41%
FY2022: 118%
|
Innovations, FY2025
−$10.1M Sources
|
Recurring |
Who Are Their Customers?
Insurance companies buy treaty reinsurance, mostly through global brokers; the Innovations unit supports technology-driven insurance partners and managing general agents with capital and reinsurance capacity.
10-K for FY2025, filed Mar 9, 2026We provide treaty reinsurance to insurance companies on a global basis, written on a proportional or non-proportional (also known as excess…View ↗
The majority of our Open Market business is produced through reinsurance brokers worldwide. Brokerage distribution channels provide us with…View ↗
Since 2018, we have been making strategic capital investments in startup companies and managing general agents (“MGAs”). In addition to the…View ↗
During 2025, we have expanded our Innovations business, with gross premiums written increasing 28% to $121.6 million (see “Reportable…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 10 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Mar 9, 2026
10-K for FY2025, filed Mar 9, 2026
$74.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
−$29.6MView ↗
- ▼ Now a loss
- vs $329K in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
Growing. Revenue grew 24% in 4 years, from $588.6M in FY2021 to $729.8M in FY2025, about 6% a year.
Third-party capital
The Lloyd’s syndicate adds outside capital alongside Greenlight Re to support projected business growth.
10-K for FY2022, filed Mar 8, 2023 10-K for FY2025, filed Mar 9, 2026We are a global specialty property and casualty reinsurer headquartered in the Cayman Islands, with a reinsurance and investment strategy…View ↗
To capitalize on global opportunities, in 2022 we created Syndicate 3456, a Lloyd’s syndicate-in-a-box, with a Lloyd’s A+ financial…View ↗
GRIL's focus
GRIL's stated focus shifts from the European market to specialty business.
10-K for FY2022, filed Mar 8, 2023 10-K for FY2025, filed Mar 9, 2026We are a global specialty property and casualty reinsurer headquartered in the Cayman Islands, with a reinsurance and investment strategy…View ↗
Established in 2004, we are a global specialty property and casualty (“P&C”) reinsurer headquartered in the Cayman Islands and listed on…View ↗
Who Do They Compete With?
Competes with Arch Capital, Sampo Re, AXIS Capital, Conduit, Everest Re, Fidelis, Hamilton Re, Hannover Re, RenaissanceRe, and SiriusPoint
10-K for FY2025, filed Mar 9, 2026Our competitors vary according to the individual market and situation. Generally, they include Arch Capital, Sampo Re, AXIS Capital…View ↗
Loading...
