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Greenlight Capital Re Ltd

Greenlight Capital Re, Ltd. is a property and casualty reinsurance company operating worldwide through its subsidiaries. It operates through the Open Market and Innovations segments. The company offers casualty reinsurance, including automobile liability and general liability, as well as coverages for financial, health, multiline, property, and specialty risks. It markets its products through reinsurance brokers. Greenlight Capital Re, Ltd. was incorporated in 2004 and is headquartered in Grand Cayman, the Cayman Islands.

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Greenlight Re posts $29.6 million Q2 net loss, wins Lloyd’s approval to convert Syndicate 3456 into full syndicate in 2027

Greenlight Capital Re reported a net loss of $29.6 million for the second quarter of 2026, driven by investment losses in the Solasglas portfolio and a modest underwriting loss. The underwriting result included a $20 million provision for losses tied to the Middle East conflict and a $6.5 million provision for an oil refinery explosion in Qatar, contributing to a combined ratio of 100.1%. CEO Greg Richardson noted that softening market trends continued, with net written premium down 11% as the company reduced net exposure, while gross written premium rose 2% due to growth in the Innovations segment. In July, the Council of Lloyd’s granted approval in principle to transition Greenlight Re Innovations Syndicate 3456 from a Syndicate-in-a-Box to a full syndicate effective January 1, 2027, enabling expansion into MGA and treaty reinsurance channels. The Solasglas fund returned negative 5.4% in the quarter but rebounded with a 4.9% return in July, bringing the year-to-date return to 6.1%, and the company repurchased $14.2 million of shares with $36 million remaining under its current buyback plan.
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Greenlight Innovation Syndicate 3456 wins in-principle approval to become full Lloyd’s syndicate

Greenlight Innovation Syndicate 3456 has received in-principle approval from Lloyd’s to become a full syndicate effective January 1, 2027. The syndicate, which writes Greenlight Re Innovations business with a focus on Coverholder partnerships, began underwriting as a Syndicate-in-a-Box on April 1, 2022, with the support of third-party managing agent Asta. Over the last four years, Syndicate 3456 has returned an underwriting profit each year and provides Insurtech companies within the Greenlight Re Innovations client portfolio with access to the Lloyd’s platform, international licensing and rating. The transition to full syndicate status is expected to produce increased gross written premium volume and will allow Syndicate 3456 to expand its offering to include more traditional delegated underwriting authority and consortia business, as well as a limited amount of treaty reinsurance, while Innovations business remains the primary focus.
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