Greenlight Capital Re, Ltd.
- Open
- 17.02
- Day high
- 17.28
- Day low
- 16.95
- Prev close
- 16.80
- Volume
- 196K
- Mkt cap
- $566M
- P/E (TTM)
- 7.1
- EPS (TTM)
- $2.40
- P/B
- 0.8
- P/S
- 0.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.5M over the last 3 months (0 open-market buys, 12 sales)
- 🏛Institutions accumulating (13F)
Greenlight Capital Re, Ltd. (GLRE) is a Financial Services company listed on NASDAQ. The stock is up 30% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 12 sales (SEC Form 4).
Greenlight Capital Re, Ltd. (GLRE) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GLRE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.25 | $1.05 | -16.0% | $228M | +41.7% |
| Mar 10, 2026 | $1.12 | $0.29 | -73.9% | $236M | — |
| May 7, 2025 | $0.50 | $0.86 | +72.0% | $213M | — |
| Mar 10, 2025 | $-0.02 | $-0.81 | -3950.0% | $7M | — |
| Mar 5, 2024 | $0.42 | $0.50 | +19.0% | $147M | — |
| Aug 2, 2023 | $0.95 | $1.32 | +38.9% | $157M | — |
| Mar 8, 2023 | $0.75 | $0.91 | +21.3% | $115M | — |
| Nov 2, 2022 | $0.05 | $-0.56 | -1220.0% | $118M | — |
| Aug 2, 2022 | $0.45 | $0.37 | -17.8% | $110M | — |
| May 3, 2022 | $0.25 | $-0.17 | -168.0% | $129M | -58.5% |
| Mar 8, 2022 | $0.90 | $0.71 | -21.1% | $139M | — |
| Nov 3, 2021 | $-0.75 | $-0.42 | +44.0% | $145M | — |
GLRE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | Isaacs Iandirector | Sell | 1,191 | $16.72 |
| Jun 26, 2026 | Isaacs Iandirector | Sell | 5,000 | $16.64 |
| Jun 26, 2026 | Isaacs Iandirector | Sell | 4,000 | $16.06 |
| Jun 25, 2026 | O'BRIEN PATRICKofficer, other: Chief Operating Officer | Sell | 3,026 | $16.36 |
| Jun 24, 2026 | Isaacs Iandirector | Sell | 9,230 | $16.33 |
| Jun 24, 2026 | Isaacs Iandirector | Sell | 1,716 | $15.92 |
| May 27, 2026 | Platt Joseph P JRdirector | Sell | 11,747 | $16.87 |
| May 20, 2026 | Platt Joseph P JRdirector | Sell | 23,613 | $18.01 |
| May 18, 2026 | Platt Joseph P JRdirector | Sell | 12,000 | $17.50 |
| May 15, 2026 | Sigmon Davidofficer: General Counsel | Sell | 7,500 | $17.33 |
| May 14, 2026 | Platt Joseph P JRdirector | Sell | 6,820 | $17.50 |
| May 14, 2026 | Platt Joseph P JRdirector | Sell | 820 | $17.50 |
| May 8, 2026 | Sigmon Davidofficer: General Counsel | Grant | 5,006 | — |
| Apr 7, 2026 | Strommer Richard Paulofficer: Chief Actuary | Grant | 4,623 | — |
| Apr 7, 2026 | OReilly Brian Josephofficer: Head of Innovations | Grant | 6,395 | — |
Source: GLRE SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full GLRE insider & 13F page →Greenlight Capital Re, Ltd. company profile
Overview
Greenlight Capital Re, Ltd. (NASDAQ:GLRE) is a property and casualty reinsurance company incorporated in 2004 and headquartered in Grand Cayman, Cayman Islands. The company went public in 2007 and operates as a specialty reinsurer serving clients worldwide through reinsurance brokers. Greenlight Re is notable for its unique business model that combines traditional reinsurance operations with an innovative investment strategy managed through its Solasglas investment fund, which has historically delivered strong returns and represents a significant portion of the company's value creation.
Business
Greenlight Capital Re operates in the reinsurance industry, which serves as insurance for insurance companies. When primary insurers like State Farm or Allstate write policies for homeowners or auto coverage, they often transfer portions of their risk to reinsurers like Greenlight Re to protect themselves from catastrophic losses. This risk transfer allows primary insurers to write more business while maintaining capital efficiency. The company operates through two main business segments. The Open Market segment represents approximately 75-80% of the business and focuses on traditional reinsurance products including property catastrophe coverage (protection against hurricanes, earthquakes, and wildfires), casualty lines (general liability, professional liability, workers' compensation), and specialty lines (marine, energy, aviation, cyber, and terrorism coverage). The Innovations segment accounts for roughly 20-25% of premium volume and partners with early-stage insurtech companies and managing general agents (MGAs) to develop new insurance products and distribution channels. Greenlight Re's reinsurance products can be structured as either proportional (where the reinsurer shares a percentage of premiums and losses) or excess of loss (where the reinsurer covers losses above a certain threshold). The company markets its products exclusively through reinsurance brokers rather than direct relationships, which is standard practice in the industry. Beyond traditional reinsurance, the company also provides collateralized reinsurance through segregated accounts and operates Lloyd's Syndicate 3456 in London, expanding its global reach and product offerings.
Competitive moat
Greenlight Re's competitive moat is moderately strong but not impregnable, primarily derived from its unique investment strategy rather than traditional reinsurance advantages. The company's main differentiator is the Solasglas investment fund, which has historically outperformed traditional insurance investment approaches. This allows Greenlight Re to potentially offer more competitive pricing while maintaining profitability, or achieve superior returns on the same underwriting margins. However, the reinsurance industry itself has relatively low barriers to entry for well-capitalized entities. The business is largely commodity-like, with differentiation primarily based on pricing, capacity, and financial strength ratings. Greenlight Re's A- rating from AM Best is solid but not exceptional compared to larger, higher-rated competitors. The company faces competition from large global reinsurers like Munich Re and Swiss Re, as well as alternative capital sources including catastrophe bonds and insurance-linked securities that can offer capacity without traditional reinsurer overhead. The sustainability of the investment moat depends on the continued outperformance of the Solasglas strategy, which inherently carries execution risk. While the fund has delivered strong historical returns, investment performance can be volatile and there's no guarantee of future outperformance. Additionally, the company's relatively small size (compared to major reinsurers) limits its ability to write large programs and may constrain growth opportunities. The innovations segment provides some differentiation through early-stage partnerships, but this represents a smaller portion of the business and faces competition from larger players increasingly focused on insurtech investments.
Risks & safety
Greenlight Re demonstrates solid financial stability with strong liquidity and manageable leverage, though investment concentration creates some risk. Liquidity and Solvency: • Cash and short-term investments: $643 million (Q1 2025) • Current ratio: Strong liquidity position with minimal debt • Debt-to-equity ratio: 0.0% (essentially debt-free) • Free cash flow: Positive $10.4 million (Q1 2025) Valuation Metrics: • Price-to-earnings ratio: 3.88x (Q1 2025) - appears undervalued • Price-to-book ratio: 0.69x - trading below book value • Book value per share growth: 5.1% in Q1 2025 Other Considerations: • Regulatory capital requirements well-maintained with A- AM Best rating • Significant exposure to investment volatility through 70% Solasglas allocation • Reserve adequacy supported by recent $22 million casualty reserve strengthening • Catastrophe exposure managed but subject to event risk
Recent development
Over the past few years, Greenlight Re has undergone significant strategic evolution focused on optimizing its business mix and investment approach. The company introduced new segment reporting in 2024, dividing operations into Open Market and Innovations segments to provide better transparency into performance drivers. Key leadership changes included appointing Greg Richardson as CEO in 2024, along with Tom Curnock as Group Chief Underwriting Officer and Pat O'Brien as Group Chief Operating Officer. The company has strategically repositioned its underwriting portfolio, non-renewing certain lower-margin business like a homeowners insurance program while growing higher-margin specialty lines by over 50%. The casualty business has been shifted from proportional to excess-of-loss structures and moved to the innovations channel for better risk management. This portfolio optimization has contributed to eight consecutive quarters of underwriting profitability through Q3 2024. On the investment side, Greenlight Re has increased its allocation to the Solasglas fund from 60% to 70% of investable assets, reflecting confidence in the strategy's performance. The fund has delivered strong returns including 25.3% in 2022 and 7.2% in Q1 2025, significantly outperforming traditional insurance investment approaches. The company has also expanded its innovations business, launching Lloyd's Syndicate 3456 and developing approximately 20 innovation partnerships with early-stage insurtech companies, though this remains a smaller portion of overall operations.
GLRE company profile · for informational purposes only — not investment advice.
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