Greenlight Capital Re, Ltd. (GLRE) 10-Year Financial Performance & Capital Metrics

GLRE • • Insurance & Managed Care

Financial ServicesReinsuranceProperty & Casualty ReinsuranceSpecialty Casualty & Professional Lines Reinsurers

AboutGreenlight Capital Re, Ltd., through its subsidiaries, operates as a property and casualty reinsurance company worldwide. The company offers various property reinsurance products and services, including automobile physical damage, personal lines, and commercial lines. It also provides casualty reinsurance products and services comprising general liability, motor liability, professional liability, and worker's compensation; and accident and health, transactional liability, mortgage insurance, surety, trade credit, marine, energy, aviation, crop, cyber, political, and terrorism products. The company markets its products through reinsurance brokers. Greenlight Capital Re, Ltd. was incorporated in 2004 and is headquartered in Grand Cayman, the Cayman Islands.Show more

Revenue $648M +2.5%
Combined Ratio 93.28% +8.1%
Net Income $43M -50.7%
Return on Equity 6.95% -56.0%
Medical Cost Ratio 93.22% +11.5%
Operating Margin 6.72% -51.1%
Net Margin 6.61% -51.9%
ROA 2.28% -56.4%
Equity / Assets 31.54% -8.2%
Book Value per Share 18.35 +7.1%
Tangible BV/Share 18.35 +7.1%
Debt/Equity 0.10 -22.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Profitable underwriting: 93.3% combined ratio
✓Trading at only 0.7x book value

✗Weaknesses

✗High loss ratio of 93.2%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.05%

5Y5.69%

3Y4.34%

TTM-1.01%

Profit (Net Income) CAGR

10Y-8.97%

5Y-

3Y34.55%

TTM-102.13%

EPS CAGR

10Y-8.11%

5Y-

3Y34.47%

TTM-102.79%

ROCE

10Y Avg-3.12%

5Y Avg2.24%

3Y Avg3.12%

Latest2.49%

Peer Comparison

Specialty Casualty & Professional Lines Reinsurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLREGreenlight Capital Re, Ltd.	456.93M	13.40	10.81	2.47%	-0.29%	-0.28%	24.4%	0.10

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	123.05M	588.37M	645.67M	243.85M	491.4M	478.82M	570.46M	477.63M	632.35M	647.97M
Revenue Growth %	-0.74%	3.78%	0.1%	-0.62%	1.02%	-0.03%	0.19%	-0.16%	0.32%	0.02%
Medical Costs & Claims+	433.3M	515.35M	664.14M	509.35M	505.57M	447.12M	519.94M	459.63M	528.88M	604.04M
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	-310.25M	73.02M	-18.47M	-265.5M	-14.17M	31.7M	50.52M	18M	103.46M	43.93M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-3.26%	1.24%	-1.25%	-13.38%	0.95%	3.24%	0.59%	-0.64%	4.75%	-0.58%
Operating Expenses+	23.43M	25.81M	26.36M	88.5M	-10.67M	27.41M	29.2M	-6.53M	16.53M	365K
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	405K	390K	368K	2.77M	2.35M	2.3M	16K	79K	0	0
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	-333.69M	47.21M	-44.83M	-354M	-3.5M	4.29M	21.32M	24.53M	86.93M	43.56M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-3.96%	1.14%	-1.95%	-6.9%	0.99%	2.22%	3.97%	0.15%	2.54%	-0.5%
EBITDA+	-333.28M	47.6M	-44.46M	-351.23M	-1.15M	6.59M	21.34M	24.61M	94.96M	52.75M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	18.48M	0	0	2.5M	6.26M	6.28M	17.92M	10.92M	8.03M	9.18M
Non-Operating Income	-18.48M	0	0	-2.5M	-6.26M	-6.28M	-17.92M	-10.92M	-8.03M	-9.18M
Pretax Income+	-333.69M	47.21M	-44.83M	-354M	-3.5M	4.29M	21.32M	24.53M	86.93M	43.56M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-1.75M	509K	-451K	332K	483K	424K	3.75M	-816K	100K	749K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-326.43M	44.88M	-44.95M	-350.05M	-3.99M	3.87M	17.58M	25.34M	86.83M	42.82M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-3.98%	1.14%	-2%	-6.79%	0.99%	1.97%	3.55%	0.44%	2.43%	-0.51%
EPS (Diluted)+	-8.90	1.20	-1.21	-9.74	-0.11	0.11	0.51	0.64	2.50	1.24
EPS Growth %	-4.08%	1.13%	-2.01%	-7.05%	0.99%	2%	3.64%	0.25%	2.91%	-0.5%
EPS (Basic)	-8.90	1.20	-1.21	-9.74	-0.11	0.11	0.51	0.75	2.55	1.26
Diluted Shares Outstanding	36.67M	37.34M	37M	35.95M	36.08M	36.28M	34.35M	39.77M	34.8M	34.65M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	2.71B	2.66B	3.36B	1.44B	1.36B	1.36B	1.43B	1.58B	1.74B	2.02B
Asset Growth %	-0.09%	-0.02%	0.26%	-0.57%	-0.06%	0%	0.05%	0.11%	0.1%	0.16%
Total Investment Assets+	945.08M	866.47M	1.21B	36.91M	256.44M	196.15M	230.97M	178.2M	332.18M	387.14M
Long-Term Investments	945.08M	866.47M	1.21B	36.91M	240.06M	166.74M	183.59M	178.2M	258.89M	387.14M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Total Current Assets+	112.16M	39.86M	27.29M	18.21M	0	0	0	0	0	884.5M
Cash & Equivalents	112.16M	39.86M	27.29M	18.21M	25.81M	8.94M	76.31M	38.24M	51.08M	64.69M
Receivables	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-304.83M	-362.12M	-492.81M	-575.18M	-713.43M	0
Goodwill & Intangibles+	60.03M	61.02M	62.35M	49.93M	0	0	0	0	0	0
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	60.03M	61.02M	62.35M	49.93M	0	0	0	0	0	0
PP&E (Net)	1.09M	698K	-64.05M	-51.36M	0	0	0	0	0	0
Other Assets	564.88M	639.07M	727.77M	1.07B	-240.06M	-166.74M	-183.59M	-178.2M	-258.89M	744.58M
Total Liabilities	1.86B	1.77B	2.51B	955.98M	878.01M	892.79M	951.83M	1.08B	1.14B	1.38B
Total Debt+	0	22.47M	7.18M	91.19M	93.51M	95.79M	98.06M	80.53M	73.28M	60.75M
Net Debt	-112.16M	-17.39M	-20.11M	72.97M	67.7M	86.86M	21.75M	42.3M	22.2M	-3.94M
Long-Term Debt	0	0	0	91.19M	93.51M	95.79M	98.06M	80.53M	73.28M	60.75M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	443.02M	363.48M	838.98M	866.97M	0	0	0	0	0	127.77M
Accounts Payable	443.02M	363.48M	838.98M	139.22M	122.67M	92.25M	91.22M	105.14M	68.98M	105.89M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	-443.02M	-363.48M	-838.98M	-148.86M	-122.67M	-92.25M	-91.22M	-105.14M	-68.98M	21.88M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Liabilities	0	0	0	864.8M	-93.51M	-95.79M	-98.06M	-80.53M	-73.28M	1.19B
Total Equity+	848.77M	891.69M	851.43M	479.46M	477.18M	464.86M	475.66M	503.12M	596.1M	635.88M
Equity Growth %	-0.29%	0.05%	-0.05%	-0.44%	-0%	-0.03%	0.02%	0.06%	0.18%	0.07%
Shareholders Equity	825.39M	874.24M	831.32M	477.29M	477.18M	464.86M	475.66M	503.12M	596.1M	635.88M
Minority Interest	23.38M	17.45M	20.1M	2.18M	0	0	0	0	0	0
Retained Earnings	325.29M	370.17M	324.27M	-26.08M	-30.06M	-27.08M	-9.51M	21.2M	108.03M	150.84M
Common Stock	3.7M	3.74M	3.74M	3.64M	3.7M	3.45M	3.38M	3.48M	3.53M	3.48M
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Return on Equity (ROE)	-0.32%	0.05%	-0.05%	-0.53%	-0.01%	0.01%	0.04%	0.05%	0.16%	0.07%
Return on Assets (ROA)	-0.11%	0.02%	-0.01%	-0.15%	-0%	0%	0.01%	0.02%	0.05%	0.02%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	-	0.03x	0.01x	0.19x	0.20x	0.21x	0.21x	0.16x	0.12x	0.10x
Book Value per Share	23.15	23.88	23.01	13.34	13.23	12.81	13.85	12.65	17.13	18.35
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-59.95M	-35.79M	94.42M	-59.31M	1.63M	-91.32M	-56.3M	-31.8M	7.51M	111.5M
Operating CF Growth %	0.55%	0.4%	3.64%	-1.63%	1.03%	-56.99%	0.38%	0.44%	1.24%	13.85%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	-326.43M	44.88M	-44.95M	-354.33M	-3.99M	3.87M	17.58M	25.34M	86.83M	42.82M
Depreciation & Amortization	405K	390K	368K	2.77M	2.35M	2.3M	2.28M	79K	0	0
Stock-Based Compensation	4.27M	3.97M	4.85M	4.62M	3.88M	2.48M	3.23M	4.68M	6.14M	4.46M
Deferred Taxes	-28.28M	114.78M	0	1.77M	0	-21.12M	0	0	0	0
Other Non-Cash Items	269.68M	-206.02M	-40.3M	328.72M	-40.72M	-750K	-51.81M	-58.59M	-30.89M	-31.8M
Working Capital Changes	20.41M	6.22M	174.45M	-42.86M	40.1M	-78.1M	-27.57M	-3.31M	-54.57M	96.03M
Cash from Investing+	177.69M	-30.43M	-106.53M	-845.26M	63.33M	95.63M	23.09M	47.02M	-53.13M	-96.56M
Capital Expenditures	0	0	0	0	0	0	-1.23M	-107.25M	0	0
Acquisitions	0	-7.76M	2.08M	-13.65M	-1.28M	0	1.23M	60.24M	0	0
Purchase of Investments	-1.28B	-1.37B	-1.15B	-800.47M	-50.14M	-82.59M	-119.6M	-78.35M	-7.14M	0
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Investing	61.26M	-141.97M	-82.8M	-1.17B	671K	19.87M	6.1M	47.02M	-46M	-96.56M
Cash from Financing+	-17.61M	0	-2.82M	80.07M	0	-17.78M	-10M	-19.83M	-5.29M	-21.24M
Dividends Paid	0	0	0	0	0	0	0	0	0	-42.5M
Share Repurchases	-17.69M	0	-2.82M	-16.5M	0	-17.78M	-10M	-35K	0	-7.49M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Debt Issuance (Net)	0	0	0	1000K	0	0	0	-1000K	-1000K	-1000K
Other Financing	83K	0	0	0	0	0	0	0	0	42.5M
Net Change in Cash+	100.13M	-72.3M	-12.57M	-827.87M	64.67M	-13.6M	-43.2M	-4.55M	-50.82M	-6.64M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	-290K	-122K	0	59K	100K	-345K
Cash at Beginning	12.03M	112.16M	39.86M	1.53B	703.23M	767.91M	754.31M	711.1M	706.55M	655.73M
Cash at End	112.16M	39.86M	27.29M	703.23M	767.91M	754.31M	711.1M	706.55M	655.73M	649.09M
Free Cash Flow+	-59.95M	-35.79M	94.42M	-59.31M	1.63M	-91.32M	-57.53M	-139.05M	7.51M	111.5M
FCF Growth %	0.55%	0.4%	3.64%	-1.63%	1.03%	-56.99%	0.37%	-1.42%	1.05%	13.85%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	-1.63	-0.96	2.55	-1.65	0.05	-2.52	-1.67	-3.5	0.22	3.22

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	371.18%	91.98%	106.94%	245.17%	100.71%	99.1%	96.26%	94.87%	86.25%	93.28%
Medical Cost Ratio	352.14%	87.59%	102.86%	208.88%	102.88%	93.38%	91.14%	96.23%	83.64%	93.22%
Return on Equity (ROE)	-31.96%	5.16%	-5.16%	-52.6%	-0.83%	0.82%	3.74%	5.18%	15.8%	6.95%
Return on Assets (ROA)	-11.44%	1.67%	-1.49%	-14.61%	-0.29%	0.29%	1.26%	1.69%	5.24%	2.28%
Equity / Assets	31.29%	33.46%	25.36%	33.4%	35.21%	34.24%	33.32%	31.84%	34.35%	31.54%
Book Value / Share	23.15	23.88	23.01	13.34	13.23	12.81	13.85	12.65	17.13	18.35
Debt / Equity	-	0.03x	0.01x	0.19x	0.20x	0.21x	0.21x	0.16x	0.12x	0.10x
Revenue Growth	-74.35%	378.15%	9.74%	-62.23%	101.52%	-2.56%	19.14%	-16.27%	32.39%	2.47%

Frequently Asked Questions

Valuation & Price

Greenlight Capital Re, Ltd. (GLRE) has a price-to-earnings (P/E) ratio of 10.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Greenlight Capital Re, Ltd. (GLRE) grew revenue by 2.5% over the past year. Growth has been modest.

Greenlight Capital Re, Ltd. (GLRE) reported a net loss of $1.9M for fiscal year 2024.

Dividend & Returns

Yes, Greenlight Capital Re, Ltd. (GLRE) pays a dividend with a yield of 9.15%. This makes it attractive for income-focused investors.

Greenlight Capital Re, Ltd. (GLRE) has a return on equity (ROE) of 7.0%. This is below average, suggesting room for improvement.

Industry Metrics

Greenlight Capital Re, Ltd. (GLRE) has a combined ratio of 93.3%. A ratio below 100% indicates underwriting profitability.

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