Greenlight Capital Re (GLRE)
NASDAQ:GLRE
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Greenlight Capital Re
(NASDAQ:GLRE)
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Rating:78Outperform
Price Target:
$20.50
▲(55.78% Upside)
Action:ReiteratedDate:05/09/26
The score is driven primarily by strong financial strength (very low leverage and solid, improving profitability) and an inexpensive valuation (low P/E). Offsetting factors include uneven revenue/cash-flow history and guidance pointing to lower Open Market premiums, while technicals are broadly neutral with near-term consolidation.
Positive Factors
Conservative balance sheet and low leverage
The company’s conservatively positioned balance sheet—low leverage and steadily growing equity—provides durable financial flexibility. This structure supports absorbing underwriting volatility, meeting collateral needs, and sustaining capital returns without stressing solvency over the next several quarters.
Negative Factors
Extreme annual revenue decline raises quality concerns
An extreme ~91% annual revenue decline undermines earnings quality and consistency, suggesting timing, reserve or reporting anomalies. Such swings reduce predictability of future margins and cash flows, complicating capital allocation and investor assessment across the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet and low leverage
The company’s conservatively positioned balance sheet—low leverage and steadily growing equity—provides durable financial flexibility. This structure supports absorbing underwriting volatility, meeting collateral needs, and sustaining capital returns without stressing solvency over the next several quarters.
Read all positive factors
Greenlight Capital Re (GLRE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$592.35M
Dividend YieldN/A
Average Volume (3M)163.85K
Price to Earnings (P/E)4.1
Beta (1Y)0.39
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 Cap-0.02
Enterprise Value/Revenue-0.02
Enterprise Value/Gross Profit-0.04
Enterprise Value/Ebitda-0.15
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 (GLRE) is a reinsurance and investment management company that specializes in providing property and casualty reinsurance products. Headquartered in the Cayman Islands, GLRE operates in the insurance sector, focusing on a ran...
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 11, 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 | 86.57M | 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 | 2.12B | 2.17B | 2.02B | 1.74B | 1.58B | 1.43B |
| Cash, Cash Equivalents and Short-Term Investments | 610.24M | 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 | 1.38B | 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
Positive
13.16
Price Trends
15.80
Positive
14.84
Positive
13.84
Positive
Market Momentum
0.76
Positive
69.34
Neutral
42.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GLRE, the sentiment is Positive. The current price of 13.16 is below the 20-day moving average (MA) of 17.63, below the 50-day MA of 15.80, and below the 200-day MA of 13.84, indicating a bullish trend. The MACD of 0.76 indicates Positive momentum. The RSI at 69.34 is Neutral, neither overbought nor oversold. The STOCH value of 42.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $592.35M | 4.06 | 11.10% | ― | 0.10% | 77.35% | |
76 Outperform | $2.76B | ― | 21.42% | ― | 22.94% | 317.95% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | $337.95M | 13.06 | 8.48% | 3.59% | 3.42% | 63.88% | |
55 Neutral | $91.90M | -1.12 | 33.48% | ― | -16.26% | ― | |
51 Neutral | $191.88M | -8.14 | 7.44% | 0.63% | -1.78% | ― | |
46 Neutral | $7.86M | -4.29 | -50.32% | ― | 371.98% | 37.76% |
* Financial Sector Average
GLRE
Greenlight Capital Re
17.86
4.29
31.61%
KG
Kestrel Group
11.87
-12.13
-50.54%
WSBF
Waterstone Financial
18.72
6.81
57.23%
SPNT
SiriusPoint
23.45
4.18
21.69%
JRVR
James River Group
4.15
-0.48
-10.35%
OXBR
Oxbridge Re Holdings
0.97
-0.68
-41.21%
Greenlight Capital Re Corporate Events
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.