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.
Greenlight Capital Re LtdQ2 net loss of $29.6M driven by investment losses and underwriting losses, including provisions for Middle East conflict and Qatar refinery explosion.
