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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 liability and general liability. It also provides coverages for casualty, including general liability, umbrella, multiline casualty, and workers' compensation; financial, such as mortgage, trade credit, surety, transactional liability, and financial multiline; health, which include primarily accident and critical illness; multiline comprising FAL business, coupled with multiline commercial and personal auto liability, BOP, and multiline commercial; property, including commercial property and property catastrophe; and specialty products and services, such as agriculture, cyber, marine and energy, aviation and space, specialty multiline, and WPVT which covers losses relating to war, political violence, and terrorism. The company markets its products through reinsurance brokers. Greenlight Capital Re, Ltd. was incorporated in 2004 and is headquartered in Grand Cayman, the Cayman Islands.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $683M | $83M | $75M | $210M | 10.6% | 5.4% | 74.8% |
| 2024 | $648M | $53M | $43M | $112M | 6.7% | 2.5% | -50.7% |
| 2023 | $632M | $95M | $87M | $8M | 14.6% | 32.4% | 242.6% |
| 2022 | $478M | $35M | $25M | $-32M | 5.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 477.63 | 632.35 | 647.97 | 683.21 |
| EBIT | 35.44 | 94.96 | 52.75 | 83.10 |
| Pretax Income | 24.53 | 86.93 | 43.56 | 78.31 |
| Tax Provision | -0.82 | 0.10 | 0.75 | 3.48 |
| Net Income | 25.34 | 86.83 | 42.82 | 74.83 |
| Net Income Common Stockholders | 25.34 | 86.83 | 42.82 | 74.83 |
| Total Expenses | 453.10 | 545.41 | 604.41 | 604.90 |
| Interest Expense | 10.92 | 8.03 | 9.18 | 4.79 |
| Interest Income | 4.47 | 35.63 | 32.42 | 25.27 |
| Selling General And Administration | 17.79 | 23.65 | 0 | 0 |
| Normalized Income | 25.34 | 86.83 | 42.82 | 74.83 |
| Basic EPS | 0.75 | 2.55 | 1.26 | 2.21 |
| Diluted EPS | 0.73 | 2.50 | 1.24 | 2.17 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0 | 0.02 | 0.04 |
| Net Income From Continuing Operation Net Minority Interest | 25.34 | 86.83 | 42.82 | 74.83 |
| Reconciled Depreciation | 0.08 | 0 | 0 | 0 |
| Net Interest Income | -10.92 | -8.03 | -9.18 | -4.79 |
| Net Income From Continuing And Discontinued Operation | 25.34 | 86.83 | 42.82 | 74.83 |
| Diluted Average Shares | 34.72 | 34.80 | 34.53 | 34.50 |
| Basic Average Shares | 33.79 | 34.07 | 33.98 | 33.82 |
| Diluted NI Availto Com Stockholders | 29.20 | 86.83 | 42.82 | 74.83 |
| Average Dilution Earnings | 3.86 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | 25.34 | 86.83 | 42.82 | 74.83 |
| Net Income Continuous Operations | 25.34 | 86.83 | 42.82 | 74.83 |
| Other Income Expense | -11.78 | 0.27 | 2.12 | 0 |
| Net Non Operating Interest Income Expense | -10.92 | -8.03 | -9.18 | -4.79 |
| Interest Expense Non Operating | 10.92 | 8.03 | 9.18 | 4.79 |
| Other Operating Expenses | 17.79 | 23.65 | 16.38 | 21.61 |
| General And Administrative Expense | 17.79 | 23.65 | 0 | 0 |
| Other Gand A | 17.79 | 23.65 | 0 | 0 |
| Operating Revenue | 477.63 | 632.35 | 647.97 | 683.21 |
| Loss Adjustment Expense | 316.49 | 360 | 427.27 | 411.59 |
| Net Policyholder Benefits And Claims | 316.49 | 360 | 427.27 | 411.59 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Greenlight Capital Re, Ltd.this co. | GLRE | $609M | 8.38↓ discount | 0.87 | 10.6% | 6.88 |
| Hingham Institution for Savings | HIFS | $620M | 11.47 | 1.29 | 11.4% | - |
| Third Coast Bancshares, Inc. | TCBX | $617M | 9.58 | 0.95 | 12.5% | - |
| Red River Bancshares, Inc. | RRBI | $614M | 14.63 | 1.68 | 11.7% | - |
| Northpointe Bancshares, Inc. |
| NPB |
| $600M |
| 7.76 |
| 1.05 |
| 14.7% |
| - |
| California BanCorp | BCAL | $598M | 10.16 | 1.05 | 10.9% | - |
| Arrow Financial Corporation | AROW | $596M | 13.61 | 1.37 | 10.2% | - |
| Washington Trust Bancorp, Inc. | WASH | $591M | 11.32 | 1.09 | 9.6% | - |
| Northfield Bancorp, Inc. | NFBK | $582M | 107.23 | 0.84 | 0.1% | - |
| Peer Median | - | 11.40 | 1.07 | 11.2% | - | |