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- **Underwriting Strength**: 86.6% combined ratio (vs. 95.9% last year), with Open Market segment up 84.5%.
- **Investment Volatility**: $17.4 million loss from Solasglas and innovations write-downs.
- **Strategic Focus**: Scaling Innovation segment with 57.5% premium growth despite near-term losses.
- **Capital Efficiency**: Debt reduced 60% to $20 million, book value +5.3% YTD to $18.90/share.
- **Macro Bet**: Long gold, SOFR futures, and inflation swaps reflect contrarian macro positioning.

**CEO Summary Section**
- **Q3 2025 Results**: Reported a net loss of $4.4 million, driven by a 86.6% combined ratio (vs. 95.9% in Q3 2024). Underwriting income of $22.3 million offset a $17.4 million investment loss.
- **Open Market Segment**: 9.5% premium growth to $140.4 million, with a 84.5% combined ratio (vs. 94.5% in Q3 2024). Casualty book reduced by 25%.
- **Innovation Segment**: 57.5% growth in written premiums to $22.3 million, but 96.7% combined ratio (vs. 93.6% in Q3 2024) due to $11.3 million unrealized loss on an AI-related investment.
- **Investment Performance**: Solasglas fund down 3.2%, while innovations portfolio saw a $16.4 million write-down due to a failed debt refinancing.
- **Hurricane Melissa Impact**: Minimal expected loss as storm missed U.S. coastal property exposure.

**CFO Financial Commentary**
- **Open Market Segment**: 11.8pt improvement in loss ratio (8.3pt attritional, 3.5pt event), 2.5pt lower acquisition costs, and 0.3pt lower expenses.
- **Innovation Segment**: 3.1pt favorable reserve development, but 9.6% expense ratio (vs. 5.5% in Q3 2024) due to scaling investments.
- **Capital Management**: Reduced debt to $20 million (from $50 million), and $60.7 million cash release from Lloyd's letter of credit.
- **Book Value**: $18.90 per share, +5.3% YTD, with $7 million share buybacks.

**Q&A Highlights**
- **Macro Strategy**: Long gold (physical + binary call options), long SOFR futures (2026 rate cut bet), and inflation swaps.
- **Company Future**: CEO reaffirmed commitment to earning >cost of equity, despite 25% discount to book value.
- **Leadership Tenure**: Founder David Einhorn (56) expects to lead for "substantial additional time" despite frustration with valuation gap.

Greenlight Capital Re, Ltd. (GLRE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GLRE

GLRE fundamentals

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