Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 62

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 to $18.97 per share from $18.87 per share at March 31, 2025.  

For Q2 2025, net income decreased by $7.6 million to $0.3 million, compared to Q2 2024, driven mainly by the following:

•Investment income: Our investment in Solasglas reported a loss of $18.3 million during Q2 2025, compared to a gain of $4.3 million during Q2 2024. Solasglas generated a net loss of 4.0% for Q2 2025 compared to a net return of 1.2% for Q2 2024. 

The above was partially offset by the following:

•Underwriting income: Increased by $7.8 million, driven by 4.9 points improvement in combined ratio due to no CAT losses and 2.9 points decrease in acquisition cost ratio. This was offset partially by an increase in prior year adverse loss development. For further information on CAT losses and prior year loss development, refer to Note 7 - Loss and Loss Adjustment Expense Reserves of the Q2 2025 condensed consolidated financial statements. 

•Foreign exchange gains (losses): $6.3 million gain for Q2 2025, compared to $0.9 million foreign exchange loss in Q2 2024, driven mainly by the strengthening of the pound sterling against the U.S. dollar in Q2 2025.

Consolidated Results of Operations for YTD 2025 compared to YTD 2024

Basic book value per share increased by $1.14 per share, or 5.9%, to $19.40 per share from $18.26 per share at December 31, 2024. Fully diluted book value per share increased by $1.02 per share, or 5.7%, to $18.97 per share from $17.95 per share at December 31, 2024.  

For the six months ended June 30, 2025 (“YTD 2025”), net income decreased by $5.0 million to $30.0 million, compared to the six months ended June 30, 2024 (“YTD 2024”) driven mainly by the following:

•Investment income: Decreased by $14.0 million primarily driven by our investment in Solasglas, which reported a gain of $13.9 million during YTD