Greenlight Capital Re Ltd
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because substance and structure contradict each other. Green is ruled out by the lack of standalone operating strength: in both of the last two years the result was carried mainly by the securities portfolio — $60.2 million against $35.7 million in 2025, $79.6 million against minus $8.2 million in 2024 — and that portfolio is managed by an entity of the chairman of the board on hedge fund terms for most recently $10.9 million a year. Add reserve strengthening on prior-year claims of $11.4 million and $21.8 million, plus buybacks of which a third has gone directly to a family trust of the chairman since 01.06.2026. Red is ruled out by the absence of any substance finding: equity rose $72.1 million to $708.0 million during 2025, book value per share grew 13.8 percent, the loans are repaid, the combined ratio sits below 100 percent, and A.M. Best raised its rating to A (Excellent). This is a judgment on the company, not on the share price. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Greenlight Capital Re is two businesses in one share: a reinsurer that earns again after weak years — combined ratio 94.6 percent after 101.4 — and a securities portfolio that contributed $60.2 million to the 2025 result against $35.7 million from underwriting. That portfolio is managed by an entity of the chairman of the board, which received $10.9 million for it. The metric that put the name on our list measures nothing distributable at an insurer; the fitting measure is book value per share, and there the stock trades at 0.79 times. Not investment advice.
Underwriting
The combined ratio fell to 94.6 percent in 2025 from 101.4 percent, and to 96.0 from 104.6 percent in the first quarter of 2026. A loss of $8.2 million turned into income of $35.7 million. Gross premiums rose 10.7 percent to $773.3 million, and A.M. Best raised its rating to A (Excellent).
Dependence on the portfolio
Investment income contributed $60.2 million to the 2025 result against $35.7 million from underwriting; in 2024, at $79.6 million, it was the only positive contribution. The group is contractually obliged to place substantially all of its investable assets in a single fund.
Conflict of interest and fees
The fund is managed by an entity of the chairman of the board on hedge fund terms: a 1.5 percent management fee and a 20 percent performance allocation, currently reduced to 10 percent. That cost $10.9 million in 2025, after $9.8 million and $8.0 million in the prior years. On top of that, since 01.06.2026 the company buys a third of every buyback directly from a family trust of the chairman.
Balance sheet and capital
Equity rose $72.1 million during 2025 to $708.0 million. The loans were fully repaid; only $5.0 million on a credit facility was outstanding at 31.12.2025, and interest coverage stood at roughly 19 times. The Altman insolvency early-warning score is deliberately not used here — the formula was not built for insurers.
Reserves
Re-estimating prior-year claims cost $11.4 million in 2025 and $21.8 million in 2024 — considerable against underwriting income of $35.7 million in 2025. In the first quarter of 2026 the line turned positive for the first time, at a gain of $1.6 million.
Hook and data quality
47th of 545 U.S. hits in the in-house P/FCF ranking at 2.19, measured identically on both editions on 27.07.2026 — outside the 25 rows displayed and visible only through the screener or the company page. The metric itself is not used for valuation in this article: at an insurer it measures premiums collected that are future obligations. The market value carried in the data set, $0.518 billion, sits roughly 8 percent below our own calculation from the cover page share count and the price ($564 million).
Worth Noting
Hook and source: 47th of 545 U.S. hits in the in-house P/FCF ranking at a value of 2.19, measured live on July 27, 2026 and identical on both editions; the German list covering all markets counted 836 hits the same day. Only the 25 strongest rows are displayed — Greenlight Re is not among them and has to be found through the screener or the company page. The lists are recalculated daily.
Why the hook metric is not used for valuation in the article: at a reinsurer, operating cash flow consists largely of premiums for claims not yet paid. Of $210.2 million in 2025, $107.0 million came from the increase in loss reserves and $37.2 million from higher unearned premiums. Used instead is the price-to-book ratio, which the company itself names as its guiding measure.
Why we calculated the market value ourselves: the value carried in the data set, $0.518 billion, sits roughly 8 percent below the calculation from the share count on the 10-Q cover page (33,166,448 as of 30.04.2026) and the closing price of $16.99 on 24.07.2026, which gives $564 million.
On the Altman score: our data set carries a value of 4.13 for GLRE. It is deliberately not used as evidence in the article, because the formula was developed for industrial and trading companies and at insurers draws on quantities that are not comparable there. The argument runs instead on equity, investments, reserve development, combined ratio and interest coverage.
On the distance from the high: our data set shows 52.8 percent. Calculated ourselves from the price series we get 51.5 percent against the highest closing price of $35.00 on 04.09.2014. The article uses the self-calculated figure.
Status of the mandatory checks on July 27, 2026: the most recent periodic report is the quarterly report for March 31, 2026 (filed 05.05.2026). The filing record contains no tender offer, no merger, no going-private transaction, no Form 15 and no Form 25. Filed after the quarterly report were the current report 8-K of 01.06.2026 (Item 1.01), a Schedule 13D/A of the same day, and insider and sale notices; all have been reviewed.
Risk of confusion: Greenlight Capital Re, Ltd. (GLRE, Nasdaq) is the listed reinsurer. Greenlight Capital, Inc. and DME Advisors, LP are separate entities from the orbit of David Einhorn; they manage the portfolio but are not themselves listed.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at GLRE since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 12.00 $ to 19.00 $ · Last price: 15.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Insurance - Reinsurance
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Greenlight Capital Re Ltd GLRE | 0.5 | 6.7 | 0.0 | 12.4 | – | 7.5 | 19.0 |
| Reinsurance Group of America, Incorporated RGA | 15.9 | 13.8 | 0.0 | 14.1 | 8.3 | 3.4 | 34.5 |
| Everest Group Ltd EG | 14.9 | 7.8 | 0.0 | 15.3 | 20.2 | 1.4 | 16.7 |
| Renaissancere Holdings Ltd RNR | 14.0 | 5.8 | 0.0 | 45.4 | 26.8 | 9.5 | 37.2 |
| Hamilton Insurance Group, Ltd. HG | 3.5 | 5.5 | 0.0 | 38.6 | 29.1 | 15.3 | 59.7 |
| Siriuspoint Ltd SPNT | 2.9 | 6.3 | 0.0 | 23.9 | 18.0 | 22.6 | 36.0 |
| Kestrel Group Ltd KG | 0.0 | – | 0.9 | 46.3 | -97.1 | 785.1 | -78.0 |
| Median of companies shown | 3.5 | 6.5 | 0.0 | 23.9 | 19.1 | 9.5 | 34.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 588 | 47 | 45 | 1.20 | -36 | 874 | 2,665 |
| 2017 | 646 | -45 | -45 | -1.21 | 94 | 851 | 3,357 |
| 2018 | 244 | -354 | -350 | -9.74 | -59 | 477 | 1,435 |
| 2019 | 491 | -4 | -4 | -0.11 | 2 | 477 | 1,355 |
| 2020 | 479 | 4 | 4 | 0.11 | -91 | 465 | 1,358 |
| 2021 | 570 | 21 | 18 | 0.51 | -56 | 476 | 1,427 |
| 2022 | 478 | 25 | 25 | 0.64 | -32 | 503 | 1,580 |
| 2023 | 632 | 87 | 87 | 2.50 | 8 | 596 | 1,735 |
| 2024 | 648 | 44 | 43 | 1.24 | 112 | 636 | 2,016 |
| 2025 | 696 | 78 | 75 | 2.17 | 210 | 708 | 2,170 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.81 | -262.60 | 142 | -8.80 | -20.10 | 30 | 30 |
| 2025: Q1 | 0.86 | 10.40 | 213 | 11.50 | 13.90 | 10 | 10 |
| 2025: Q2 | 0.01 | -95.80 | 160 | -8.50 | 0.20 | 68 | 68 |
| 2025: Q3 | -0.13 | -112.90 | 146 | -22.30 | -3.00 | 31 | 31 |
| 2025: Q4 | 1.43 | – | 210 | 48.30 | 27.70 | 100 | 100 |
| 2026: Q1 | 1.05 | 21.50 | 190 | -11.10 | 18.80 | 37 | 37 |
| 2026: Q2 | -0.89 | -9,000.00 | 138 | -14.10 | -21.50 | 31 | 31 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $200.0M |
|---|---|
| Market cap | $490.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Greenlight Re verkauft keine KI-Funktionen und weist keinen KI-Umsatz aus: In sechs geprüften Berichten (zwei Geschäftsberichte, vier Quartalsberichte) kommt künstliche Intelligenz ausschließlich im Geschäftsbericht 2025 vor — als interne Nutzungsrichtlinie und als Verstärker des Cyberrisikos; im jüngsten Quartalsbericht zum 31.03.2026 fällt der Begriff kein einziges Mal. Kein Produkt, kein Segment und keine Umsatzangabe ist mit KI verknüpft.
View the full file — quotes, sources, reviewed filings
„We are also monitoring use and potential uses of artificial intelligence (AI) tools across our business, and recently implemented an AI Usage Policy in order to establish guidelines for the ethical, secure, and compliant use of AI platforms by our employees"
Wir beobachten außerdem den Einsatz und mögliche Einsatzfelder von Werkzeugen der künstlichen Intelligenz in unserem gesamten Geschäft und haben kürzlich eine KI-Nutzungsrichtlinie eingeführt, um Leitlinien für den ethischen, sicheren und regelkonformen Umgang unserer Mitarbeiter mit KI-Plattformen festzulegen
10-K · 2026-03-09 · View SEC filing
„In addition, artificial intelligence technologies are evolving at a fast pace and being adopted, which may increase potential cybersecurity risks."
Zudem entwickeln sich Technologien der künstlichen Intelligenz rasch weiter und werden zunehmend eingesetzt, was potenzielle Cybersicherheitsrisiken erhöhen kann.
10-K · 2026-03-09 · View SEC filing
Filings Reviewed: 10-Q 2026-05-05 · 10-K 2026-03-09 · 10-Q 2025-11-03 · 10-Q 2025-08-04 · 10-Q 2025-05-07 · 10-K 2025-03-10
Rated on July 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 13.4%
- More than 10% revenue growth is expected for the coming year no data
- Share count grows by less than 3% a year -4.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 37.7%
- Gross margin at 40% or higher and without meaningful erosion 40.9%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 107 m net cash
- Operating cash flow covers the profits of the last three years 125 m
- Return on capital at 15% or higher, or up versus two years ago 10.8%
- Insiders hold at least 10% or are net buyers 24.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 1.9%
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% 5.8%
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT -1.4x
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 12.3%
- ROCE > 15% 10.8%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 14, 2026 | Isaacs Ian | Director | Sell | 4,850 | 15.13 | 73,358 |
| Sep 3, 2026 | Welch John | Director | Other | 13,356 | 0.00 | – |
| Aug 28, 2026 | Isaacs Ian | Director | Sell | 4,054 | 15.42 | 62,522 |
| Aug 27, 2026 | Isaacs Ian | Director | Sell | 946 | 15.43 | 14,596 |
| Aug 10, 2026 | Goldberg Leonard R | Director | Buy | 6,000 | 15.42 | 92,520 |
| Aug 7, 2026 | Goldberg Leonard R | Director | Buy | 6,000 | 15.62 | 93,720 |
| Aug 7, 2026 | Foley Ursuline F | Director | Other | 7,992 | 0.00 | – |
| Aug 7, 2026 | Platt Joseph P JR | Director | Other | 7,992 | 0.00 | – |
| Aug 7, 2026 | Guest Victoria W | Director | Other | 7,992 | 0.00 | – |
| Aug 7, 2026 | Warszawski Ariel | Director | Other | 14,386 | 0.00 | – |
The company
About the Company
Greenlight Capital Re, Ltd. ist über seine Tochtergesellschaften weltweit ein Sach- und Schadenrückversicherungsunternehmen.
- Employees
- 84
- Headquarters
- Grand Cayman, Cayman Islands
- Address
- 65 Market Street, KY1-1205 Grand Cayman, Cayman Islands
- Phone
- 345 943 4573
- Website
- greenlightre.com
- IPO Date
- 05/24/2007
- ISIN
- KYG4095J1094
Management
| Name | Title | Birth Year |
|---|---|---|
| Greg Richardson | CEO & Director | 1960 |
| Faramarz Romer | Chief Financial Officer | 1977 |
| Patrick O'Brien | Chief Operating Officer | 1970 |
| Thomas James Curnock Ph.D. | Group Chief Underwriting Officer | 1972 |
| Brian O'Reilly | Head of Innovations | 1985 |
| Steven Archambault | Chief Accounting Officer | 1971 |
| Adam Prior | Senior Vice President of Equity Group Inc. | – |
| David E. Sigmon | General Counsel, Corporate Secretary & Chief Compliance Officer | 1984 |
| Simon Burton | Advisor | 1970 |
| Kagabo Ngiruwonsanga | Head of Innovation Underwriting | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/01/2026 GREENLIGHT CAPITAL RE, LTD. (GLRE): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Other Events; Financial Statements and Exhibits SEC ↗
- 08/04/2026 GREENLIGHT CAPITAL RE, LTD. (GLRE): Entry into a Material Definitive Agreement; Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/03/2026 GREENLIGHT CAPITAL RE, LTD. (GLRE): Submission of Matters to a Vote of Security Holders; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.