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Greenlight Re posts better underwriting, net income falls in H1 2026
Underwriting income rose to $6.0 million and the combined ratio improved to 98.1%, but weaker investment income and a Q2 net loss of $29.6 million weighed on earnings.
Greenlight Re strengthened its underwriting performance in the first half of 2026, generating $6.0 million of underwriting income and improving its combined ratio to 98.1% from 99.9% in the prior year period, according to Reinsurance News. The reinsurer, based in the Cayman Islands, said the improvement came despite investment headwinds.
Net income, however, fell to $6.2 million in H1 2026 from a higher prior year figure, as total investment income dropped to $16.6 million from $32.7 million. Premiums also declined, with gross premiums written down 4% year on year to $411.1 million, and net premiums earned down 4% to $316.0 million.
In the second quarter alone, Greenlight Re swung to a net loss of $29.6 million, compared with net income of $0.3 million in the prior year quarter, Reinsurance News reported. While gross premiums written rose 2% to $183.1 million and net premiums earned edged up to $161.8 million, the company recorded a net underwriting loss of $0.2 million as the combined ratio deteriorated to 100.1% from 95.0%, driven by catastrophe losses.
Reinsurance News also cited Greenlight Re commentary that the company took a prudent approach to Middle East exposure and increased reserves during the quarter, while the board chair pointed to challenging investment conditions and macro “drag.” The outlet noted Greenlight Re also recorded a total investment loss of $23.8 million in Q2 2026, versus a $7.8 million loss a year earlier.