Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 5

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 5
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 definition of CAT event loss to be any individual CAT event loss to us of $5 million or more, net of reinsurance recoveries. For the various U.S. tornadoes (including severe convective storms), we have aggregated these and reported the total as CAT loss. Accordingly, we have recast the prior year CAT loss disclosures in this Form 10-Q to conform with this change. Starting with Q2 2025, we also disclose separately incurred losses from large events, if any, which is defined as any individual event loss in excess of $1 million but less than $5 million.

Consolidated Results of Operations for Q3 2025 compared to Q3 2024

Basic book value per share decreased by $0.08 per share, or 0.4%, to $19.32 per share from $19.40 per share at June 30, 2025. Fully diluted book value per share decreased by $0.07 per share, or 0.4%, to $18.90 per share from $18.97 per share at June 30, 2025.

During Q3 2025, we incurred a net loss of $4.4 million, in contrast to the net income of $35.2 million earned in Q3 2024. The decline in performance was primarily attributable to the following factors: 

•Total investment loss: Our investment in Solasglas reported a loss of $14.4 million during Q3 2025, compared to a gain of $19.8 million during Q3 2024. Solasglas generated a net loss of 3.2% for Q3 2025 compared to a net return of 5.2% for Q3 2024. Additionally, the net investment loss of $3.0 million was mainly driven by $11.9 million loss related to the Innovations investment portfolio during the current quarter, partially offset by interest income earned from restricted cash and cash equivalents.

•Foreign exchange gains (losses): $2.0 million loss for Q3 2025, compared to $5.8 million foreign exchange gain in Q3 2024, driven mainly by the weakening of the pound sterling against the U.S. dollar during Q3 2025.

Offset partially by:

•Underwriting income: Increased by $16.2 million, driven by 9.3 percentage points improvement in combined ratio, which was predominantly driven by improved current year loss ratio mainly due to