Greenlight Capital Re (GLRE)
NASDAQ:GLRE
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Greenlight Capital Re
(NASDAQ:GLRE)
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Rating:72Outperform
Price Target:
$17.50
▲(32.98% Upside)
Action:Reiterated
Date:06/02/26
GLRE scores well on financial strength (very low leverage, solid equity base) and improved profitability/cash generation, supported by a low earnings multiple. These positives are tempered by notably weak technical momentum (downtrend and oversold signals) and earnings-call risks tied to declining Open Market premiums and geopolitical exposure.
Positive Factors
Balance Sheet Strength
Extremely low leverage and a large equity base materially increase resilience through underwriting cycles and catastrophe volatility. This durable capital cushion supports reserve adequacy, collateral needs, and the ability to underwrite opportunistically or return capital without stressing solvency ratios over the next several quarters.
Negative Factors
Open Market Premium Decline
A sharp, persistent drop in Open Market written premiums signals weaker top‑line capacity and pricing headwinds in core reinsurance markets. If lower writing is sustained, it restrains growth of float and limits underwriting scale, pressuring long‑term earnings and the ability to leverage fixed costs across higher premium volumes.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Extremely low leverage and a large equity base materially increase resilience through underwriting cycles and catastrophe volatility. This durable capital cushion supports reserve adequacy, collateral needs, and the ability to underwrite opportunistically or return capital without stressing solvency ratios over the next several quarters.
Read all positive factors
Greenlight Capital Re (GLRE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$532.98M
Dividend YieldN/A
Average Volume (3M)163.85K
Price to Earnings (P/E)6.7
Beta (1Y)0.37
Revenue Growth0.10%
EPS Growth77.35%
CountryUS
Employees75
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)2.40
Shares Outstanding33,166,447
10 Day Avg. Volume274,013
30 Day Avg. Volume163,847
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)0.70
Price to Sales (P/S)0.71
P/FCF Ratio2.35
Enterprise Value/Market Cap0.87
Enterprise Value/Revenue0.69
Enterprise Value/Gross Profit1.35
Enterprise Value/Ebitda5.38
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2
Revenue Forecast (FY)N/A
Greenlight Capital Re Business Overview & Revenue Model
Company Description
Greenlight Capital Re, Ltd., operating through its subsidiaries, functions as a global property and casualty reinsurance provider. The company delivers a diverse range of property reinsurance solutions, encompassing areas such as automobile physic...
How the Company Makes Money
GLRE primarily makes money through two engines: (1) underwriting income from reinsurance and (2) investment returns on the capital (float) it holds.
1) Underwriting (reinsurance) revenues and profit
- Premiums: GLRE earns gross written and earned...
Greenlight Capital Re Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call presented a generally positive operating quarter driven by strong investment performance (notably Solasglas), a solid underwriting profit and meaningful improvement in combined ratios versus the prior year. Growth in the Innovations segment and active capital returns (share repurchases and a new $40M authorization) were constructive. Offsetting items include a Q1 underwriting shortfall in Innovations (combined ratio >100%), a sizable decline in Open Market written premiums amid a soft reinsurance market, geopolitical uncertainty (a $5M provision for the Middle East), and several individual investment detractors. Overall, the positives (net income, book value growth, strong investment returns, and underwriting improvement) outweigh the negatives, though risks remain from market softness and geopolitical exposure.Positive Updates
Net Income and Book Value Growth
Reported net income of $35.8 million in Q1 2026 ($1.05 per diluted share). Fully diluted book value per share increased 4.7% to $21.40 for the quarter.
Negative Updates
Innovations Underwriting Loss and Elevated Combined Ratio
Innovations produced an underwriting loss of $0.6 million and a combined ratio of 102.3% in Q1 2026 (includes 1.4 points of adverse prior-year development), indicating near-term underwriting pressure despite premium growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Net Income and Book Value Growth
Reported net income of $35.8 million in Q1 2026 ($1.05 per diluted share). Fully diluted book value per share increased 4.7% to $21.40 for the quarter.
Read all positive updates
Company Guidance
Management's guidance was pragmatic and metric-driven: they expect Open Market reinsurance written premium this year to be lower than prior year (Q1 Open Market net written premiums were down 22.7% to $151.3M and net earned premiums down 13.8%), while Innovations premiums should continue to grow (Q1 Innovations gross written premiums rose $20.1M, +73% to $47.6M; net earned premiums +32% to $25.2M) thanks to organic growth, new business and favorable rate trends. Management reiterated a focus on consistent profitability and capital preservation after reporting Q1 net income of $35.8M ($1.05 diluted EPS), underwriting profit of $6.2M with a combined ratio of 96.0% (which included a $5M Middle East provision that added 3.2 points), and a fully diluted book value per share up 4.7% to $21.40. They signaled continued capital returns and disciplined allocation — YTD share repurchases $14.5M (Q1: 298,701 shares for $5.0M at $16.70 avg; additional $9.5M in April) and a new $40M repurchase authorization effective May 15, 2026–May 2027 — while highlighting investment strength (Solasglas +6.8% in Q1, +0.4% in April, YTD 7.2%; Solasglas contributed $33.7M of Q1 investment income) and modest net exposure (~41% at quarter end, ~30% at end‑April).Greenlight Capital Re Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
90
Very Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 677.66M | 696.35M | 647.97M | 632.35M | 477.63M | 570.46M |
| Gross Profit | 344.66M | 284.76M | 43.93M | 103.46M | 18.00M | 50.52M |
| EBITDA | 86.62M | 83.10M | 52.75M | 94.96M | 35.52M | 39.26M |
| Net Income | 80.95M | 74.83M | 42.82M | 86.83M | 25.34M | 17.58M |
Balance Sheet | ||||||
| Total Assets | 2.27B | 2.17B | 2.02B | 1.74B | 1.58B | 1.43B |
| Cash, Cash Equivalents and Short-Term Investments | 75.09M | 111.76M | 64.69M | 51.08M | 38.24M | 76.31M |
| Total Debt | 4.74M | 4.72M | 60.75M | 73.28M | 80.53M | 98.06M |
| Total Liabilities | 1.53B | 1.46B | 1.38B | 1.14B | 1.08B | 951.83M |
| Stockholders Equity | 741.17M | 707.98M | 635.88M | 596.10M | 503.12M | 475.66M |
Cash Flow | ||||||
| Free Cash Flow | 237.08M | 210.21M | 111.50M | 7.51M | -139.05M | -57.53M |
| Operating Cash Flow | 237.08M | 210.21M | 111.50M | 7.51M | -31.80M | -56.30M |
| Investing Cash Flow | -199.26M | -149.17M | -96.56M | -53.13M | 47.02M | 23.09M |
| Financing Cash Flow | -69.19M | -65.14M | -21.24M | -5.29M | -19.83M | -10.00M |
Greenlight Capital Re Technical Analysis
Neutral
13.16
Price Trends
17.24
Negative
16.20
Negative
14.68
Positive
Market Momentum
-0.30
Negative
45.93
Neutral
80.68
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GLRE, the sentiment is Neutral. The current price of 13.16 is below the 20-day moving average (MA) of 15.90, below the 50-day MA of 17.24, and below the 200-day MA of 14.68, indicating a neutral trend. The MACD of -0.30 indicates Negative momentum. The RSI at 45.93 is Neutral, neither overbought nor oversold. The STOCH value of 80.68 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GLRE.
Greenlight Capital Re Risk Analysis
Greenlight Capital Re disclosed 2 risk factors in its most recent earnings report. Greenlight Capital Re reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
Greenlight Capital Re Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $2.68B | 5.31 | 22.02% | ― | 22.94% | 317.95% | |
72 Outperform | $532.98M | 6.67 | 11.68% | ― | 0.10% | 77.35% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | $346.80M | 11.37 | 8.48% | 3.59% | 3.42% | 63.88% | |
55 Neutral | $182.64M | 6.29 | 4.48% | 0.63% | -1.78% | ― | |
52 Neutral | $93.81M | 2.34 | 29.20% | ― | 4.38% | ― | |
47 Neutral | $7.74M | -2.10 | -50.32% | ― | 84.01% | 19.53% |
* Financial Sector Average
GLRE
Greenlight Capital Re
16.07
1.34
9.10%
KG
Kestrel Group
11.99
-12.62
-51.28%
WSBF
Waterstone Financial
19.21
6.03
45.80%
SPNT
SiriusPoint
22.76
3.19
16.30%
JRVR
James River Group
3.95
-1.66
-29.56%
OXBR
Oxbridge Re Holdings
0.95
-0.85
-47.00%
Greenlight Capital Re Corporate Events
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Greenlight Capital Re Sets Insider Share Repurchase Agreement
Positive
Jun 1, 2026
On June 1, 2026, Greenlight Capital Re entered into an Ordinary Share Repurchase Agreement with the David M. Einhorn 2021-07 Family Trust, an affiliate of Chairman David Einhorn, to keep his ownership percentage approximately constant amid ongoing...
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
Greenlight Capital Re Expands Credit Facilities and Maintains Leadership
Positive
Apr 6, 2026
On April 1, 2026, Greenlight Reinsurance Ireland DAC and Greenlight Reinsurance, Ltd. entered into new and amended master letter of credit agreements with CIBC Bank USA, establishing a combined committed letter of credit capacity of $300 million s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.