GREENLIGHT CAPITAL RE, LTD. GLRE
Unless otherwise indicated or unless the context otherwise requires, all references in this Form 10-K to "the Company," "we," "us," "our," and similar expressions are references to Greenlight Capital Re, Ltd. and its consolidated subsidiaries. Unless otherwise indicated or unless the context otherwise requires, all references in this Annual Report to entity names are as set forth in the following table:
Greenlight Capital Re or GLRE Greenlight Capital Re, Ltd.
Greenlight Re Greenlight Reinsurance, Ltd.
Verdant Verdant Holding Company, Ltd.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $729.8M | $696.0M | $667.1M | $526.7M | $588.6M | $484.1M | $538.2M | $183.0M | $645.7M | $588.4M |
| SG&A | — | — | $43.2M | $31.6M | $29.4M | $26.4M | $29.8M | $25.2M | $26.4M | $25.8M |
| Interest expense | — | — | — | $6.7M | $11.7M | $1.7M | $2.8M | $2.5M | $0 | — |
| Pre-tax income | $78.3M | $43.6M | $86.9M | $26.2M | $21.3M | $4.3M | -$3.5M | -$354.0M | -$44.8M | $47.2M |
| Income tax | $3.5M | $749.0K | $100.0K | $816.0K | $3.7M | $424.0K | $483.0K | $332.0K | $451.0K | $509.0K |
| Net income | $74.8M | $42.8M | $86.8M | $25.3M | $17.6M | $3.9M | -$4.0M | -$350.1M | -$45.0M | $44.9M |
| EPS, basic | 2.21 | 1.26 | 2.55 | 0.75 | 0.51 | 0.11 | -0.11 | -9.74 | -1.21 | 1.20 |
| EPS, diluted | 2.17 | 1.24 | 2.50 | 0.73 | 0.51 | 0.11 | -0.11 | -9.74 | -1.21 | 1.20 |
| Shares, diluted (wtd. avg.) | $34.5M | $34.7M | $34.8M | $39.8M | $34.4M | $36.3M | $36.1M | $36.0M | $37.0M | $37.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $111.8M | $64.7M | $655.7M | $706.5M | $711.1M | $754.3M | $767.9M | $703.2M | $1.53B | $1.24B |
| Property, plant and equipment | — | — | — | — | — | — | — | — | — | $698.0K |
| Total assets | $2.17B | $2.02B | $1.74B | $1.58B | $1.43B | $1.36B | $1.36B | $1.44B | $3.36B | $2.66B |
| Long-term debt | $4.7M | $60.7M | $73.3M | $80.5M | — | — | — | — | — | — |
| Total liabilities | $1.46B | $1.38B | $1.14B | $1.08B | $951.8M | $892.8M | $878.0M | $956.0M | $2.51B | $1.77B |
| Retained earnings | $225.7M | $150.8M | $108.0M | $21.2M | -$9.5M | -$27.1M | -$30.1M | -$26.1M | $324.3M | $370.2M |
| Total equity | $708.0M | $635.9M | $596.1M | $503.1M | $475.7M | $464.9M | $477.2M | $477.8M | $844.3M | $885.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $210.2M | $111.5M | $7.5M | -$31.8M | -$56.3M | -$91.3M | $1.6M | -$59.3M | $94.4M | -$35.8M |
| Stock-based compensation | $7.1M | $4.5M | $6.1M | $4.7M | $3.2M | $2.5M | $3.9M | $4.6M | $4.9M | $4.0M |
| Investing cash flow | -$149.2M | -$96.6M | -$53.1M | $47.0M | $23.1M | $95.6M | $63.3M | -$845.3M | $201.7M | -$67.4M |
| Financing cash flow | -$65.1M | -$21.2M | -$5.3M | -$19.8M | -$10.0M | -$17.8M | $0 | $80.1M | -$2.8M | $0 |
| Buybacks | $9.8M | $7.5M | $0 | $35.0K | $10.0M | $17.8M | $0 | $16.5M | $2.8M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001385613-26-000057.
Others in SIC 6331
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|---|---|---|---|---|
| CB | Chubb Ltd | $132.49B | 13.3x | 6.5% |
| PGR | PROGRESSIVE CORP/OH/ | $127.29B | 11.4x | 16.3% |
| TRV | TRAVELERS COMPANIES, INC. | $77.04B | 13.5x | 5.2% |
| ALL | ALLSTATE CORP | $65.63B | 6.8x | 5.6% |
| AIG | AMERICAN INTERNATIONAL GROUP, INC. | $39.85B | 14.0x | -1.7% |
| HIG | HARTFORD INSURANCE GROUP, INC. | $37.48B | 10.4x | 3.3% |
| ACGL | ARCH CAPITAL GROUP LTD. | $33.47B | 8.5x | 14.3% |
| CINF | CINCINNATI FINANCIAL CORP | $26.26B | 11.3x | 11.4% |