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Greenlight Capital Re
(NASDAQ:GLRE)
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Rating:70Outperform
Price Target:
$18.00
▲(5.94% Upside)
Action:Reiterated
Date:08/06/26
GLRE’s score is primarily supported by a conservatively positioned balance sheet with minimal leverage and currently strong cash generation, alongside a low P/E valuation. Offsetting these positives are mixed/soft technical momentum and earnings volatility highlighted by the latest quarter’s net loss and elevated catastrophe/large-loss uncertainty, despite operational improvements and ongoing buybacks.
Positive Factors
Conservative balance sheet
Zero reported TTM debt and a materially larger equity base provide durable financial flexibility for a reinsurer. This structure helps absorb large loss events, supports underwriting capacity and strategic actions (buybacks, syndicate growth) without relying on external leverage.
Negative Factors
Underwriting volatility and cat exposure
Material catastrophe and large‑loss sensitivity drives persistent underwriting earnings volatility. High cat loadings and episodic reserving (e.g., $25M booked for Middle East conflict) can push combined ratios to break‑even or loss, creating unpredictable capital demands and reserve uncertainty over multi‑quarter horizons.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Zero reported TTM debt and a materially larger equity base provide durable financial flexibility for a reinsurer. This structure helps absorb large loss events, supports underwriting capacity and strategic actions (buybacks, syndicate growth) without relying on external leverage.
Read all positive factors
Greenlight Capital Re Key Performance Indicators (KPIs)
Any
Income Before Taxes by Segment
Pre-tax profit broken down by business segment shows which lines of the company drive earnings and which create losses. For GLRE, it highlights how underwriting results, fee income and investment returns each contribute to overall profitability and signals concentration risk or capital allocation strength.
Pre-tax profit broken down by business segment shows which lines of the company drive earnings and which create losses. For GLRE, it highlights how underwriting results, fee income and investment returns each contribute to overall profitability and signals concentration risk or capital allocation strength.
Data provided by:
The Fly
The FlyGreenlight Capital Re (GLRE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$512.47M
Dividend YieldN/A
Average Volume (3M)163.85K
Price to Earnings (P/E)10.5
Beta (1Y)0.27
Revenue Growth0.10%
EPS Growth77.35%
CountryUS
Employees84
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)1.50
Shares Outstanding32,641,342
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.8
Revenue Forecast (FY)N/A
Greenlight Capital Re Business Overview & Revenue Model
Company Description
Greenlight Capital Re, Ltd., through its subsidiaries, operates as a property and casualty reinsurance company worldwide. It operates through Open Market and Innovations segments. The company offers casualty reinsurance, such as automobile liabili...
How the Company Makes Money
GLRE has historically generated earnings from two primary sources: (1) reinsurance underwriting and (2) investment returns on its capital and insurance float.
1) Reinsurance underwriting income
- Premiums: GLRE assumes risk from insurance carrier...
Greenlight Capital Re Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Neutral
The call described a quarter with meaningful near-term challenges—namely a $29.6 million net loss driven by investment losses (Solasglas weak in Q2) and catastrophe/large-loss reserving related to the Middle East conflict and a Qatar facility loss—balanced against clear operational positives: a profitable and fast-growing Innovations segment, improved attritional loss metrics, active capital allocation (buybacks) and a strategic win with Lloyd's syndicate approval. Management also noted that the Q2 investment loss largely reversed in July and that investment net exposure was being actively managed.Positive Updates
Innovations Segment Strong Underwriting
Innovations reported $2.6 million underwriting profit with a combined ratio of 89.7%. Gross written premiums rose 12% to $30.9 million and net earned premiums increased 16% to $24.9 million. Loss ratio improved ~9.5 percentage points year-over-year; acquisition and expense ratios improved 5.4 and 2.4 points, respectively.
Negative Updates
Net Loss and Per-Share Impact
Reported a net loss of $29.6 million for Q2 2026, or $0.89 per diluted share, driven largely by investment losses and catastrophe/large loss reserves.
Read all updates
Q2-2026 Updates
Positive
Negative
Innovations Segment Strong Underwriting
Innovations reported $2.6 million underwriting profit with a combined ratio of 89.7%. Gross written premiums rose 12% to $30.9 million and net earned premiums increased 16% to $24.9 million. Loss ratio improved ~9.5 percentage points year-over-year; acquisition and expense ratios improved 5.4 and 2.4 points, respectively.
Read all positive updates
Company Guidance
Management's guidance emphasized continued underwriting discipline, active monitoring and shrinking exposure to the Middle East conflict (they booked $20.0M of Q2 reserves on top of $5.0M in Q1 — $25.0M total, including a $7.6M full‑limit loss, $9.9M of other specific event losses and $7.5M IBNR — plus a separate $6.5M Qatar loss), no known major Q3 losses to date, and growth plans for Innovations (transition of Syndicate 3456 to a full Lloyd's syndicate effective Jan 1, 2027 to add two new channels). Key metrics cited: Q2 net loss $29.6M (‑$0.89 per diluted share), underwriting loss $0.2M with a combined ratio of 100.1% (17.1 pts of cat & large losses), attritional loss ratio improved to 51.7% (vs. 56%), prior‑year development 0.4% (vs. 1.9%), Open Market NWP down 10% to $128.2M, Innovations GWP up 12% to $30.9M and net earned premium +16% to $24.9M with a 89.7% combined ratio and $2.6M underwriting profit. On investments and capital allocation they noted a Q2 investment loss of $23.8M driven by Solasglas (‑5.4% in Q2, +4.9% in July, 2026 YTD 6.1%), net exposure ~33% at quarter end (~41% Q1, ~39% end‑July), ongoing consideration of increasing Solasglas allocation, and continued opportunistic buybacks (repurchases of $14.2M in Q2 and $3.9M subsequently; $23.1M YTD, ~4% of shares; $36M remaining), while fully diluted book value per share was $20.61 (up 0.9% for the first six months).Greenlight Capital Re Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
82
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 664.59M | 696.35M | 647.97M | 632.35M | 477.63M | 570.46M |
| Gross Profit | 322.40M | 284.76M | 43.93M | 103.46M | 18.00M | 50.52M |
| EBITDA | 55.41M | 83.10M | 52.75M | 94.96M | 35.52M | 39.26M |
| Net Income | 51.03M | 74.83M | 42.82M | 86.83M | 25.34M | 17.58M |
Balance Sheet | ||||||
| Total Assets | 2.24B | 2.17B | 2.02B | 1.74B | 1.58B | 1.43B |
| Cash, Cash Equivalents and Short-Term Investments | 603.12M | 111.76M | 64.69M | 51.08M | 38.24M | 76.31M |
| Total Debt | 8.75M | 4.72M | 60.75M | 73.28M | 80.53M | 98.06M |
| Total Liabilities | 1.54B | 1.46B | 1.38B | 1.14B | 1.08B | 951.83M |
| Stockholders Equity | 697.68M | 707.98M | 635.88M | 596.10M | 503.12M | 475.66M |
Cash Flow | ||||||
| Free Cash Flow | 199.97M | 210.21M | 111.50M | 7.51M | -139.05M | -57.53M |
| Operating Cash Flow | 200.06M | 210.21M | 111.50M | 7.51M | -31.80M | -56.30M |
| Investing Cash Flow | -180.91M | -149.17M | -96.56M | -53.13M | 47.02M | 23.09M |
| Financing Cash Flow | -73.46M | -65.14M | -21.24M | -5.29M | -19.83M | -10.00M |
Greenlight Capital Re Technical Analysis
Negative
16.99
Price Trends
16.25
Negative
16.94
Negative
15.40
Positive
Market Momentum
-0.29
Positive
42.02
Neutral
38.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GLRE, the sentiment is Negative. The current price of 16.99 is above the 20-day moving average (MA) of 16.37, above the 50-day MA of 16.25, and above the 200-day MA of 15.40, indicating a neutral trend. The MACD of -0.29 indicates Positive momentum. The RSI at 42.02 is Neutral, neither overbought nor oversold. The STOCH value of 38.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $3.47B | 6.08 | 21.19% | ― | 17.41% | 57.09% | |
79 Outperform | $13.29B | 5.52 | 22.68% | 0.49% | -14.15% | 48.57% | |
78 Outperform | $14.04B | 7.88 | 12.43% | 2.08% | -5.12% | 146.14% | |
78 Outperform | $16.35B | 10.84 | 11.29% | 1.56% | 19.54% | 97.85% | |
74 Outperform | $2.70B | 5.72 | 21.84% | ― | 22.55% | 371.77% | |
70 Outperform | $512.47M | 10.51 | 7.28% | ― | 0.10% | 77.35% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
GLRE
Greenlight Capital Re
15.76
3.10
24.49%
EG
Everest Group
370.11
46.26
14.29%
RGA
Reinsurance Group
249.45
62.98
33.78%
RNR
Renaissancere Holdings
323.36
85.85
36.14%
SPNT
SiriusPoint
23.72
5.44
29.76%
HG
Hamilton Insurance Group, Ltd. Class B
35.75
13.93
63.84%
Greenlight Capital Re Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Greenlight Capital Re Announces New Share Buyback Agreement
Negative
Aug 4, 2026
Greenlight Capital Re, Ltd. is a multiline property and casualty insurance and reinsurance provider operating through regulated entities in the Cayman Islands and Ireland and a Lloyd’s platform, Greenlight Innovation Syndicate 3456. The comp...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Greenlight Capital Re Shareholders Back Board and Governance
Positive
Aug 3, 2026
On July 28, 2026, Greenlight Capital Re shareholders held their Annual General Meeting, re-electing a slate of directors, including Chairman David Einhorn, to serve until the 2027 meeting, signaling continuity in the company’s governance and...
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...
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.