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Greenlight Re strengthened its underwriting performance in the first half of 2026, posting $6 million of underwriting income and improving its combined ratio to 98.1%, although weaker investment returns drove net income down to $6.2 million.
The Cayman Islands-based reinsurer’s H1 2026 underwriting result compared with $0.3 million in the prior-year period, while the combined ratio improved from 99.9% in H1 2025.
Meanwhile, Greenlight Re’s gross premiums written fell 4% year on year to $411.1 million in H1 2026, while net premiums earned also declined 4% to $316 million.
The firm’s total investment income fell to $16.6 million in H1 2026 from $32.7 million in H1 2025, contributing to the aforementioned decline in earnings.
In Q2 2026 alone, the reinsurer posted a net loss of $29.6 million, compared with net income of $0.3 million in the prior-year quarter.
At the same time, gross premiums written increased 2% to $183.1 million in Q2 2026, while net premiums earned edged up to $161.8 million.
However, Greenlight Re recorded a net underwriting loss of $0.2 million in Q2 2026, compared with underwriting income of $8.1 million in the second quarter of 2025, as the combined ratio deteriorated to 100.1% from 95.0%, driven by catastrophe losses.
The Cayman Islands-based firm also reported a total investment loss of $23.8 million in Q2 2026, compared with a loss of $7.8 million a year earlier.
Greg Richardson, Chief Executive Officer of Greenlight Re, commented, “Volatility is inherent in our business, and this quarter is a good reminder of the important role we play in helping our clients when they need us most.
“We have taken a prudent approach to our Middle East exposure and have set up appropriate reserves this quarter. I am pleased with our portfolio as we continue to demonstrate discipline and manage capital in a softening market.”
David Einhorn, Chairman of the Board of Directors, added, “The second quarter was a challenging investment period. Gains from our long portfolio offset losses in our short portfolio, and we had drag from macro, which detracted about 5%. Solasglas remains conservatively positioned during this uncertain environment, while the overall equity market remains very expensive.”
The post Greenlight Re delivers underwriting improvement in H1’26 despite investment headwinds appeared first on ReinsuranceNe.ws.
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📰 This article is sourced from a trusted insurance industry publication. Farmer Stockman Insurance shares this for informational purposes only. Always consult a licensed advisor for personalized guidance.
