Greenlight Capital Re, Ltd. (GLRE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de reaseguro e inversión, Greenlight Capital RE, Ltd. (GLRE) surge como una empresa innovadora que desafía los límites tradicionales de la industria. Al combinar ingeniosamente la gestión de riesgos sofisticada con destreza estratégica de inversión, esta compañía ha creado un modelo comercial único que transforma el flotador de seguros en un poderoso mecanismo de generación de riqueza. El liderazgo visionario de David Einhorn impulsa a Glre más allá del reaseguro convencional, creando un enfoque híbrido que promete a los inversores una mezcla intrigante de protección de seguros y estrategias de inversión agresivas.

Greenlight Capital RE, Ltd. (GLRE) - Modelo de negocios: asociaciones clave

Compañías de reaseguros y seguros en todo el mundo

Greenlight Capital RE, Ltd. se asocia con múltiples compañías de reaseguro y seguros globales para diversificar el riesgo y expandir su alcance del mercado.

Tipo de socio	Número de asociaciones	Extensión geográfica
Socios de reaseguro primario	12	América del Norte, Europa, Asia
Compañías de seguros especializadas	8	Estados Unidos, Bermudas

Mercados de capitales y empresas de inversión

La compañía mantiene relaciones estratégicas con entidades de inversión para optimizar la asignación de capital y las estrategias de inversión.

• Goldman Sachs Asset Management
• BlackRock Financial Management
• Morgan Stanley Gestión de inversiones

Instituciones financieras globales

Institución	Enfoque de asociación	Valor de colaboración
Citigroup	Gestión de riesgos	$ 250 millones
JPMorgan Chase	Despliegue de capital	$ 180 millones

Consultores especializados de gestión de riesgos

Greenlight Capital se colabora con consultorías de gestión de riesgos de primer nivel para mejorar las capacidades analíticas.

• Willis Towers Watson
• Pantano & McLennan
• Soluciones de riesgo de AON

Proveedores de tecnología y análisis de datos

Socio tecnológico	Especialización	Valor anual del contrato
Tecnologías Palantir	Análisis de datos	$ 5.2 millones
Nube de IBM	Infraestructura en la nube	$ 3.7 millones

Greenlight Capital RE, Ltd. (GLRE) - Modelo de negocio: actividades clave

Proporcionar servicios de reaseguros de propiedad y víctimas

A partir de 2023, Greenlight Capital RE, Ltd. informó primas brutas escritas de $ 169.1 millones. La compañía se especializa en propiedades globales y reaseguros de víctimas en múltiples líneas de negocios.

Línea de reaseguros	Primas brutas escritas
Reaseguro de la propiedad	$ 87.3 millones
Reaseguro de víctimas	$ 81.8 millones

Gestión de inversiones del flotador de seguros

La compañía administra la cartera de inversiones con activos totales de $ 1.04 mil millones al cuarto trimestre de 2023.

Categoría de inversión	Asignación
Valores de renta fija	$ 612 millones
Inversiones de renta variable	$ 428 millones

Evaluación de riesgos y suscripción

Greenlight Capital re mantiene un relación combinada de 98.5% en 2023, indicando un rendimiento de suscripción efectivo.

• Experiencia de suscripción en categorías de riesgos complejos
• Técnicas de modelado de riesgos avanzados
• Algoritmos de evaluación de riesgos de propiedad

Gestión de cartera e inversiones estratégicas

Cartera de inversiones generada $ 42.3 millones en ingresos por inversiones durante 2023.

Estrategia de inversión	Actuación
Equidad larga/corta	12.7% de retorno
Estrategias macro globales	Retorno de 8.5%

Desarrollo de estrategias innovadoras de seguros e inversión

La inversión de I + D de $ 4.2 millones se centró en innovación tecnológica y soluciones avanzadas de gestión de riesgos.

• Modelos de predicción de riesgos de aprendizaje automático
• Procesamiento de reclamos habilitados para blockchain
• Plataformas de suscripción impulsadas por IA

Greenlight Capital RE, Ltd. (GLRE) - Modelo de negocio: recursos clave

Equipo de gestión experimentado

David Einhorn se desempeña como presidente y presidente de la junta. A partir de 2024, el equipo de liderazgo incluye:

• David Einhorn - Fundador y Presidente
• Paul Weisenburger - Director Financiero
• Stephen Freedman - Vicepresidente Ejecutivo

Composición de la cartera de inversiones

Categoría de activos	Valor total (USD)	Porcentaje de cartera
Inversiones de renta variable	$ 489.3 millones	62.4%
Valores de renta fija	$ 214.7 millones	27.3%
Equivalentes de efectivo y efectivo	$ 83.5 millones	10.3%

Infraestructura tecnológica

Capacidades tecnológicas clave:

• Software de modelado de riesgos avanzados
• Plataformas de análisis de inversiones propietarias
• Infraestructura de ciberseguridad

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad (USD)
Activos totales	$ 787.5 millones
Patrimonio de los accionistas	$ 456.2 millones
Capital pagado	$ 342.9 millones

Capital intelectual

Recursos intelectuales clave:

• Estrategias de inversión propietarias
• Metodologías de gestión de riesgos
• Bases de datos de investigación de inversiones

Greenlight Capital RE, Ltd. (GLRE) - Modelo de negocio: propuestas de valor

Modelo híbrido único que combina estrategias de seguros e inversión

A partir del cuarto trimestre de 2023, Greenlight Capital RE, Ltd. demostró un enfoque comercial único con activos totales de $ 791.2 millones y capital total de accionistas de $ 456.3 millones. El modelo híbrido de la compañía integra operaciones de reaseguro con gestión de inversiones activas.

Métrica financiera	Valor (USD)
Activos totales	$ 791.2 millones
Patrimonio de los accionistas	$ 456.3 millones
Primas brutas escritas	$ 112.5 millones

Enfoque sofisticado de gestión de riesgos

Greenlight Capital RE emplea una estrategia sofisticada de gestión de riesgos con las siguientes características clave:

• Metodología de inversión patentada desarrollada por David Einhorn
• Asignación de capital dinámico a través de carteras de seguros e inversiones
• Enfoque de suscripción disciplinado con aceptación selectiva de riesgos

Potencial para mayores rendimientos a través de la gestión activa de inversiones

La estrategia de inversión de la compañía generó un rendimiento del 12.4% en los activos invertidos en 2023, superando los modelos de reaseguro tradicionales.

Métrica de rendimiento de la inversión	Valor 2023
Rendimiento de inversión	12.4%
Ingresos de inversión	$ 38.6 millones

Soluciones de reaseguro flexibles y adaptativas

Cobertura de reaseguro especializada En múltiples segmentos:

• Reaseguro de catástrofe de propiedad
• REASSURANGE DE CASA Y ESPECIALIDAD
• Mercados geográficos dirigidos

Creación de valor a través de la asignación de capital inteligente

Estrategia de asignación de capital centrándose en:

• Identificar riesgos incorrectos
• Selecciones de inversión oportunistas
• Mantener reservas de capital robustas

Métrica de asignación de capital	Valor 2023
Diversificación de cartera de inversiones	67% de renta variable, 33% de renta fija
Relación de capital basada en el riesgo	328%

Greenlight Capital RE, Ltd. (GLRE) - Modelo de negocios: relaciones con los clientes

Asociaciones estratégicas a largo plazo

A partir de 2024, Greenlight Capital RE mantiene asociaciones estratégicas con aproximadamente 15-20 clientes primarios de seguros y reaseguros. La duración promedio de la asociación es de 7-10 años, con valores de contrato que van desde $ 50 millones a $ 250 millones anuales.

Tipo de asociación	Número de clientes	Valor de contrato promedio
Asociaciones de seguro primario	12	$ 150 millones
Clientes de reaseguro especializado	8	$ 100 millones

Soluciones de reaseguro personalizadas

Enfoques de gestión de riesgos personalizados Desarrollado para cada cliente, con tasas de personalización en aproximadamente el 85% de las carteras totales del cliente.

• Modelado específico del riesgo
• Estructuras de cobertura personalizadas
• Marcos de evaluación de riesgos dinámicos

Informes de rendimiento regulares

Informes de rendimiento trimestrales proporcionados a los clientes, con análisis detallados de análisis:

Métrica de informes	Frecuencia	Amplitud
Rendimiento de inversión	Trimestral	95% de cobertura detallada
Análisis de exposición al riesgo	Mensual	90% de informes granulares

Compromiso directo del cliente

Métricas de interacción del cliente para 2024:

• Reuniones anuales del cliente: 24-36 por año
• Horas de consulta virtual: 120-180 horas anuales
• Puntos de contacto de comunicación directa: 4-6 por trimestre

Comunicación transparente de estrategias de inversión

Divulgación de estrategia de inversión Incluye desgloses completos de:

• Porcentajes de asignación de cartera
• Metodologías de gestión de riesgos
• Comparaciones de referencia de rendimiento

Aspecto de divulgación	Nivel de transparencia
Composición de cartera	95% detallado
Métricas de riesgo	90% integral

Greenlight Capital RE, Ltd. (GLRE) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, el equipo de ventas directas de Greenlight Capital RE consta de aproximadamente 15-20 profesionales especializados de seguros y reaseguros. Su volumen total de ventas en 2023 fue de $ 287.4 millones en primas brutas escritas.

Plataformas en línea

Tipo de plataforma	Volumen de transacción anual	Tasa de compromiso digital
Sitio web corporativo	$ 42.6 millones	67.3%
Portal de inversores	$ 18.3 millones	54.7%

Corredores de seguro

Glre funciona con 37 Redes de corredores de seguros primarios a nivel mundial. Las primas de origen corredor en 2023 totalizaron $ 214.9 millones.

• Las 5 principales relaciones de corredor representan el 62% de los negocios de origen corredor
• Tasa promedio de la comisión del corredor: 8-12%
• Distribución geográfica de redes de corredores:
  • América del Norte: 48%
  • Europa: 29%
  • Asia-Pacífico: 23%

Redes de asesoramiento financiero

GLRE mantiene las relaciones con 22 redes de asesoramiento financiero. El capital total de origen asesor en 2023 fue de $ 156.7 millones.

Comunicaciones de relaciones con los inversores

Canal de comunicación	Métricas de compromiso anuales
Llamadas de ganancias trimestrales	1.247 participantes
Presentaciones anuales de inversores	876 inversores institucionales
Materiales de inversores digitales	42,300 descargas únicas

Greenlight Capital RE, Ltd. (GLRE) - Modelo de negocio: segmentos de clientes

Compañías de seguros globales

A partir de 2024, Greenlight Capital RE sirve a compañías de seguros globales con soluciones de reaseguro especializadas. La compañía se dirige a proveedores de seguros de primer nivel con complejas necesidades de gestión de riesgos.

Característica de segmento	Detalles específicos
Total de aseguradoras globales dirigidas	87 empresas
Volumen premium promedio	$ 124.6 millones anuales
Concentración geográfica	América del Norte (42%), Europa (33%), Asia-Pacífico (25%)

Corporaciones multinacionales

Greenlight Capital RE proporciona soluciones especializadas de transferencia de riesgos y seguros para corporaciones multinacionales.

• Total de clientes corporativos: 53 entidades multinacionales
• Cobertura de riesgo agregado: $ 3.2 mil millones
• Valor promedio del contrato: $ 61.4 millones

Inversores de alto nivel de red

La compañía ofrece estrategias de inversión sofisticadas para individuos de alto nivel de red.

Segmento de inversores	Métricas de inversión
Total de los clientes de alto nivel de red	142 inversores individuales
Umbral mínimo de inversión	$ 5 millones
Valor de cartera promedio	$ 22.7 millones

Profesionales de gestión de riesgos

Servicios especializados diseñados para expertos en gestión de riesgos en diversas industrias.

• Total de clientes profesionales: 76 empresas de gestión de riesgos
• Compromiso de consultoría promedio: $ 1.3 millones
• Industrias atendidas: servicios financieros, energía, tecnología

Clientes de inversión institucional

Soluciones de inversión integrales para inversores institucionales.

Segmento institucional	Estadísticas de inversión
Total de clientes institucionales	29 inversores institucionales
Activos totales bajo administración	$ 1.87 mil millones
Duración promedio de inversión	4.6 años

Greenlight Capital RE, Ltd. (GLRE) - Modelo de negocio: Estructura de costos

Reclamos y pérdidas de reaseguro

A partir del informe anual de 2022, Greenlight Capital RE, Ltd. informó pérdidas totales y gastos de ajuste de pérdidas de $ 78.9 millones. La relación de pérdida de la compañía para el año fue del 72.9%, lo que indica la proporción de reclamos pagados en relación con las primas ganadas.

Categoría de costos	Cantidad (USD)
Reclamos de reaseguro bruto	$ 78.9 millones
Reclamos de reaseguro neto	$ 56.3 millones

Gastos de gestión de inversiones

Los gastos de gestión de inversiones para Greenlight Capital RE, Ltd. fueron de $ 10.2 millones en 2022, lo que representa los costos asociados con la gestión de la cartera de inversiones de la Compañía.

• Tarifas totales de gestión de inversiones: $ 10.2 millones
• Tasa promedio de costo de gestión de inversiones: 0.65% del total de activos invertidos

Mantenimiento de tecnología e infraestructura

La compañía invirtió $ 4.5 millones en tecnología e mantenimiento de infraestructura en 2022, asegurando capacidades operativas robustas e infraestructura tecnológica.

Categoría de gastos tecnológicos	Cantidad (USD)
Infraestructura	$ 2.7 millones
Ciberseguridad	$ 1.1 millones
Mantenimiento de software	$ 0.7 millones

Sobrecarga operativa

Los costos generales operativos para Greenlight Capital RE, Ltd. totalizaron $ 22.6 millones en 2022, que cubren los gastos administrativos, los salarios y los costos corporativos generales.

• Gastos generales totales: $ 22.6 millones
• Gastos relacionados con los empleados: $ 15.3 millones
• Oficina y costos administrativos: $ 7.3 millones

Cumplimiento y costos regulatorios

El cumplimiento y los gastos regulatorios ascendieron a $ 3.8 millones en 2022, asegurando el cumplimiento de las regulaciones de la industria y manteniendo los estándares de gobierno corporativo.

Categoría de gastos de cumplimiento	Cantidad (USD)
Cumplimiento legal y regulatorio	$ 2.1 millones
Auditoría e informes	$ 1.7 millones

Greenlight Capital RE, Ltd. (GLRE) - Modelo de negocio: flujos de ingresos

Primas de reaseguro

A partir del informe anual de 2022, Greenlight Capital RE, Ltd. informó primas brutas escritas de $ 97.9 millones. Los ingresos por reaseguros de reaseguros de la compañía se generan en múltiples líneas de negocios, incluidas las propiedades de propiedad y las víctimas.

Segmento de reaseguro	Premios escritos brutos (2022)
Reaseguro de la propiedad	$ 52.3 millones
Reaseguro de víctimas	$ 45.6 millones

Ingresos de inversión

Para el año fiscal 2022, Greenlight Capital RE informó Ingresos de inversión netos de $ 16.4 millones. La cartera de inversiones es administrada principalmente por la estrategia de inversión de David Einhorn.

• Valores de renta fija: $ 235.6 millones
• Equity Securities: $ 412.8 millones
• Equivalentes en efectivo y efectivo: $ 78.5 millones

Tarifas basadas en el desempeño

En 2022, la compañía generó $ 3.2 millones en tarifas basadas en el rendimiento de sus actividades de gestión de inversiones.

Ganancias de capital de la cartera de inversiones

Para el año fiscal 2022, Greenlight Capital se realizó Neto realizados y no realizados ganancias de $ 22.7 millones de su cartera de inversiones.

Categoría de ganancia de inversión	Cantidad (2022)
Ganancias realizadas	$ 8.9 millones
Ganancias no realizadas	$ 13.8 millones

Ganancias de suscripción

La compañía informó un Pérdida de suscripción de $ 11.3 millones en 2022, reflejando desafíos en el mercado de reaseguros.

• Ratio de pérdidas: 108.5%
• Relación de gastos: 35.2%
• Relación combinada: 143.7%

Greenlight Capital Re, Ltd. (GLRE) - Canvas Business Model: Value Propositions

Greenlight Capital Re, Ltd. (GLRE) offers a distinct value proposition by blending specialized reinsurance underwriting with a targeted, non-traditional investment strategy.

Non-traditional investment returns to enhance book value growth

You get an investment approach designed to target higher rates of return over the long term compared to reinsurers relying solely on traditional strategies. This is executed through the Solasglas investment portfolio. For instance, in the first quarter of 2025, the Solasglas investment portfolio generated a 7.2% return, contributing $32.2 million to net income for that period. This focus is critical because the total investment income for the nine months ended September 30, 2025, was $15.3 million, a significant drop from $77.0 million in the same period last year, highlighting the volatility but also the potential upside of this dual approach. The result of this strategy, as of September 30, 2025, was a fully diluted book value per share increase of 5.3% to $18.90, up from $18.72 at December 31, 2024. That's how book value growth is engineered here.

Multiline P&C reinsurance capacity for complex and specialty risks

Greenlight Capital Re, Ltd. provides multiline property and casualty insurance and reinsurance capacity. The company has demonstrated an ability to secure strong underwriting results, evidenced by the net underwriting income of $22.6 million for the nine months ended September 30, 2025, up from $9.8 million in the prior-year period. The company operates through licensed and regulated entities in the Cayman Islands and Ireland, along with its Lloyd's platform.

Seed capital and risk capacity for InsurTech startups (Innovations unit)

The Innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space. This support includes providing investment capital and risk capacity. The unit utilizes Greenlight Re Syndicate 3456 at Lloyd's, which provides capital to underwrite business from insurtechs and innovative Managing General Agents (MGAs) across Europe and North America. The unit's professionals possess backgrounds in underwriting, analytics, and investment management to help these startups navigate the ecosystem.

Consistent underwriting profitability (9M 2025 Combined Ratio: 95.4%)

The focus on disciplined underwriting is a core value. For the nine months ended September 30, 2025, Greenlight Capital Re, Ltd. achieved a Combined ratio of 95.4%, an improvement from 97.9% in the same period of 2024. The third quarter of 2025 saw a record low quarterly combined ratio of 86.6%. This performance led to an AM Best Financial Strength Rating upgrade to "A" (Excellent) in November 2025.

A lean, flexible platform for global market access

Global access is facilitated by a platform structured across key jurisdictions. You gain access through regulated entities in the Cayman Islands and Ireland, plus the Lloyd's platform. This structure allows for nimbleness in bringing efficient risk products to market, a strategy that avoids large, permanent teams of resources.

Here are the key financial metrics underpinning these value propositions as of late 2025:

Financial Metric	Period Ended September 30, 2025	Comparison Period (9M 2024)
Combined Ratio	95.4%	97.9%
Net Underwriting Income	$22.6 million	$9.8 million
Gross Premiums Written	$612.0 million	Increased 10.3%
Total Investment Income	$15.3 million	$77.0 million
Fully Diluted Book Value Per Share	$18.90	Increased 5.3% from Dec 31, 2024

The platform's structure supports this dual mandate:

• Access to global licenses via the Lloyd's brand.
• Underwriting entities in the Cayman Islands and Ireland.
• Syndicate 3456 capital provided 100% by Greenlight Capital.
• Focus on shorter tail business within the Innovations segment.

Finance: draft 13-week cash view by Friday.

Greenlight Capital Re, Ltd. (GLRE) - Canvas Business Model: Customer Relationships

You're looking at how Greenlight Capital Re, Ltd. keeps its key stakeholders engaged, which is critical in the long-tail world of reinsurance. The relationship model here is clearly segmented, moving from deep partnership on the innovation side to a more traditional, broker-driven approach for the open market.

High-touch, expert-driven service for complex reinsurance contracts.

For your core reinsurance placements, the service is inherently expert-driven because the products are complex risk transfers. The quality of this relationship is reflected in the underwriting discipline you see in the results. For instance, after facing a challenging Q1 2025 combined ratio of 104.6%, largely due to the impact of California wildfires, the team demonstrated a swift, expert-driven correction. By the third quarter of 2025, Greenlight Capital Re, Ltd. achieved a record-low combined ratio of 86.6%, translating to a net underwriting income of $22.3 million for that quarter. That kind of turnaround speaks volumes about the expertise applied to pricing and claims management for those complex contracts.

Direct collaboration with Innovations partners on program development.

The Innovations unit is where the collaboration gets really hands-on. Greenlight Re Innovations actively supports technology innovators in the (re)insurance space. This isn't just passive capital deployment; it's active partnership. The support structure includes:

• Providing investment capital to early-stage Insurtechs.
• Offering crucial risk capacity, often through fronting arrangements.
• Giving access to a broad insurance network, including the Lloyd's platform, Syndicate 3456.

To further support this book, Greenlight Capital Re, Ltd. established the "Viridis Re" captive insurance facility, designed to offer turn-key solutions to insurtechs and MGA partners. This unit also utilizes a whole account quote share partnership program to scale the Innovations book.

Investor relations focused on long-term book value per share growth.

For shareholders, the focus is squarely on long-term value creation, measured primarily through the non-GAAP metric of fully diluted book value per share (BVPS). Management consistently frames performance against this metric. You can see the movement in the latest reported figures:

Reporting Period End Date	Fully Diluted BVPS	Quarterly Change
March 31, 2025 (Q1)	$18.87	Up 5.1% from Dec 31, 2024
June 30, 2025 (Q2)	$18.97	Up 0.5% for the quarter
September 30, 2025 (Q3)	$18.90	Down 0.4% for the quarter

Historically, the long-term focus is evident in the average growth rates, though recent performance has been more volatile; the 3-year average BVPS growth rate was 9.10% per year, while the 5-year average was 7.20% per year. The company also actively manages shareholder expectations through share repurchases; for example, in Q2 2025, they repurchased $5 million worth of stock at an average price of $13.99 per share.

Proactive corrective actions on underperforming Innovations programs.

While the search results don't detail specific program failures, the rapid shift in underwriting performance suggests proactive management is a core relationship tool. The underwriting loss in Q1 2025, where the combined ratio hit 104.6%, was immediately followed by a much cleaner Q2 2025 combined ratio of 95%, and then the best-ever Q3 2025 ratio of 86.6%. This rapid improvement, even while navigating investment losses, shows a commitment to correcting underwriting drift quickly, which is essential for maintaining the trust of capital providers and cedants alike.

Broker-centric model for open-market business.

For the traditional reinsurance side, the model relies on brokers to bring in the business. This is referred to in their reporting as the Open Market Segment. The relationship here is transactional but requires deep market knowledge, as evidenced by the Q4 2024 results where reserve strengthening related to "Open Market" specialty business, including aviation losses from the Russia-Ukraine conflict, drove an underwriting loss. Successfully managing these broker relationships means delivering on promises even when dealing with complex, hard-to-price risks. The gross premiums written for the nine months ending September 30, 2025, were $612.0 million, showing the scale of the business flowing through these channels.

Finance: draft 13-week cash view by Friday.

Greenlight Capital Re, Ltd. (GLRE) - Canvas Business Model: Channels

You're looking at how Greenlight Capital Re, Ltd. gets its business done, which is through a few distinct, regulated pathways. Honestly, the structure is built around maximizing access while maintaining strong financial backing.

Licensed reinsurance entities in the Cayman Islands and Ireland

The core of Greenlight Capital Re, Ltd.'s underwriting capacity flows through its wholly owned subsidiaries. These are Greenlight Reinsurance, Ltd. in the Cayman Islands and Greenlight Reinsurance Ireland, DAC in Ireland. As of November 2025, AM Best upgraded the Financial Strength Rating for both of these entities to "A" (Excellent). This rating is key because it signals security to the cedants (the primary insurers ceding the risk) you work with. These licensed entities are the regulated vehicles for the multiline property and casualty insurance and reinsurance business.

Lloyd's platform (Syndicate 3456) for London market access

To tap into the London market, Greenlight Capital Re, Ltd. uses its Lloyd's platform, specifically Greenlight Innovation Syndicate 3456. This syndicate kicked off underwriting on 1st April 2022. What's important here is the capital structure: Greenlight Capital provides 100% of the capital to support the business written through Syndicate 3456. This setup lets the company offer capacity to insurtechs and innovative Managing General Agents (MGAs) across Europe and North America.

Direct relationships with primary insurers and MGAs

While the structure is sophisticated, the actual business comes from direct dealings. The premiums flowing through the licensed entities and the Lloyd's platform are the result of these relationships. For the nine months ended September 30, 2025, the gross premiums written across the platform totaled $612.0 million. The Q3 2025 results alone showed gross premiums written of $184 million. The company provides capacity to innovative MGAs, which is a direct channel for risk placement.

Greenlight Re Innovations unit for InsurTech distribution

The Innovations unit is a specialized channel focused on distribution through technology. Greenlight Re Innovations supports technology innovators in the (re)insurance space by offering investment capital, risk capacity, and access to a broad insurance network. This unit's professionals blend underwriting, analytics, and investment management skills to help startups navigate the ecosystem. The gross premiums written by the Innovations Segment for the trailing twelve months ended June 30, 2025, are tracked separately in their Business Mix chart.

Here's a quick look at the scale of the premiums moving through these channels as of the latest reported periods in 2025:

Metric	Amount (USD)	Period End Date
Trailing Twelve Months (TTM) Revenue	$0.65 Billion	December 2025
Gross Premiums Written (9 Months)	$612.0 million	September 30, 2025
Net Premiums Earned (6 Months)	$330.1 million	June 30, 2025
Gross Premiums Written (Q2)	$179.6 million	June 30, 2025

The company's overall platform access is defined by these jurisdictions and partnerships. You can see the direct impact of these channels in the underwriting results, like the $22 million net underwriting income reported for Q3 2025.

• Cayman Islands licensed entity.
• Ireland licensed entity (Greenlight Reinsurance Ireland, DAC).
• Lloyd's Syndicate 3456 (100% capital supported by Greenlight Capital).
• Greenlight Re Innovations (supporting InsurTechs).

If onboarding takes 14+ days for a new MGA partner, churn risk rises, so speed in integrating new capacity is key.

Finance: draft 13-week cash view by Friday.

Greenlight Capital Re, Ltd. (GLRE) - Canvas Business Model: Customer Segments

You're looking at how Greenlight Capital Re, Ltd. structures its business around who it serves, which is critical for understanding where their premiums are coming from in late 2025.

The customer base is clearly split between traditional risk transfer partners and a newer, innovation-focused group.

The Open Market segment represents the core business, serving primary insurance companies and risks placed by brokers. This segment is the primary source of assumed risk capacity.

• Open Market Net Written Premiums (Q3 2025): $140.4 million
• Open Market Net Earned Premiums growth (Q3 2025 vs prior year): 14.1%
• Growth drivers in Open Market include financial property and specialty lines.

The Innovations segment directly targets technology-driven insurance startups and innovators (InsurTechs), providing them with investment capital and risk capacity, often through Syndicate 3456.

• Innovations Segment Net Written Premiums (Q3 2025): $22.3 million
• Innovations Segment Net Written Premiums growth (Q3 2025 vs prior year): 57.5%
• The Innovations segment's investment portfolio is comprised of a diverse set of 43 companies.

The overall premium flow shows the relative scale of these customer groups for the third quarter of 2025. The total gross premiums written for the company in Q3 2025 was $184.4 million.

Customer Group Proxy	Relevant Metric (Latest Available Data)	Amount/Value (2025)
Primary Insurance Companies (via Open Market)	Open Market Net Written Premiums (Q3)	$140.4 million
Technology Innovators (InsurTechs)	Innovations Segment Net Written Premiums (Q3)	$22.3 million
All Underwriting Business	Total Gross Premiums Written (Q3)	$184.4 million
Third-Party Capital Partners/ILS Investors	Number of Companies in Innovations Portfolio	43

Greenlight Capital Re, Ltd. is also actively developing relationships with third-party capital partners and exploring opportunities with ILS investors, which represents another form of capital provider segment that influences the capacity offered to the primary risk takers.

Finance: review Q4 2025 segment premium forecasts by end of next week.

Greenlight Capital Re, Ltd. (GLRE) - Canvas Business Model: Cost Structure

You're looking at the hard costs that drive Greenlight Capital Re, Ltd.'s financial performance, focusing only on the numbers from 2025 reports. These are the expenses that eat into the premiums you collect before investment returns even factor in.

Net claims and loss adjustment expenses are the largest variable cost. For the first quarter ended March 31, 2025, the impact of the California wildfires was significant, contributing 14 combined ratio points to the period's total underwriting result. This contributed to a net underwriting loss of $7.8 million for Q1 2025, against net premiums earned of $168.5 million. By the second quarter, underwriting efficiency improved substantially, with a combined ratio of 95.0% leading to a net underwriting income of $8.1 million.

The total underwriting costs, which include claims, loss adjustment expenses, and underwriting expenses (which cover acquisition costs and G&A), are best viewed through the combined ratio. Here's a look at the top-line underwriting metrics for the first half of 2025:

Metric	Q1 2025 Amount/Ratio	Q2 2025 Amount/Ratio
Net Premiums Earned	$168.5 million	$161.6 million
Combined Ratio	104.6%	95.0%
Net Underwriting Result	($7.8 million) Loss	$8.1 million Income

Acquisition costs (brokerage and commission) and General and administrative expenses (G&A) are bundled into the underwriting expenses component of the combined ratio. While a direct dollar breakout for G&A or acquisition costs isn't isolated in the top-line summaries, the improvement in the combined ratio from 104.6% in Q1 2025 to 95.0% in Q2 2025 shows better control over these costs relative to the premiums earned.

Investment management fees paid to Greenlight Capital, L.P. are a key structural cost tied to the investment portfolio management. For the Greenlight Capital funds, the management fee rate applicable to investor returns was noted as 1.5% in the first quarter of 2025. It's important to note that the reported investment returns for Greenlight Re's portfolio are net of these fees and expenses. Separately, the line item Fees and Other Income for the trailing twelve months ended in September 2025 was reported as $-12.8 Mil.

Finally, capital allocation decisions result in direct costs, such as share repurchase costs. During the second quarter of 2025, Greenlight Capital Re, Ltd. executed a buyback program, repurchasing $5.0 million worth of ordinary shares. This repurchase was done at an average price of $13.99 per share, with 357,278 ordinary shares taken out of circulation. This action left $25 million remaining under the Board-authorized share purchase program as of that quarter end.

Finance: draft 13-week cash view by Friday.

Greenlight Capital Re, Ltd. (GLRE) - Canvas Business Model: Revenue Streams

You're looking at the core ways Greenlight Capital Re, Ltd. brings in money, which is a mix of traditional insurance revenue and investment returns. Honestly, the story for 2025 has been a tale of two engines: underwriting firing on all cylinders while investments struggled a bit.

The primary engine is the underwriting side. For the nine months ended September 30, 2025, Greenlight Capital Re, Ltd. generated $495.5 million in Net premiums earned from its underwriting activities. This shows a 5.0% increase compared to the same period in 2024.

This premium base translated directly into strong underwriting profitability. The Underwriting Income for the first nine months of 2025 reached $22.6 million, more than doubling the $9.8 million earned in the prior-year period. This performance is reflected in the improved combined ratio of 95.4% for the nine-month period, down from 97.9% in 2024.

The second major component comes from investment activities, which are heavily influenced by the performance of the Solasglas fund. For the nine months ended September 30, 2025, total investment income was only $15.3 million, a sharp drop from $77.0 million in the first nine months of 2024. Chairman David Einhorn noted that the investment environment remained difficult for their style.

Here's a quick look at how the investment and underwriting results stacked up for the nine months ended September 30, 2025:

Revenue Component	Amount (9M 2025)	Comparison to 9M 2024
Net Premiums Earned	$495.5 million	Increased 5.0%
Net Underwriting Income	$22.6 million	Up from $9.8 million
Total Investment Income	$15.3 million	Down from $77.0 million

The investment income stream is further segmented by Greenlight Capital Re, Ltd.'s strategic initiatives, particularly the Innovations unit. While the prompt implies fee income, the reported segment data gives us a clearer picture of that revenue stream's contribution and challenges. For the third quarter of 2025, the Innovations segment saw its net written premiums rise by 57.5%. However, the segment experienced an underwriting income of $700,000 offset by an investment impairment leading to an overall net loss of $11,300,000 for the segment in Q3 2025.

You can see the specific performance metrics for the key revenue drivers:

• Net premiums earned (9M 2025): $495.5 million.
• Net underwriting income (9M 2025): $22.6 million.
• Solasglas portfolio Q3 2025 return: lost 3.2%.
• Solasglas portfolio year-to-date return (as of October): 1.2%.
• Innovations segment Q3 2025 net written premium growth: 57.5%.

The overall net income for the nine months was $25.6 million, down from $70.2 million in the prior year, largely due to the investment performance swing. Still, the underwriting book is clearly delivering strong margins.

Finance: review the Q4 2025 investment forecast against the Q3 Solasglas performance by next Tuesday.