Greenlight Capital Re, Ltd. (GLRE): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la réassurance et de l'investissement, Greenlight Capital Re, Ltd. (GLRE) apparaît comme une entreprise révolutionnaire qui défie les limites traditionnelles de l'industrie. En mélangeant ingénieusement la gestion des risques sophistiqués avec des prouesses stratégiques d'investissement, cette entreprise a conçu un modèle commercial unique qui transforme le flotteur d'assurance en un puissant mécanisme de génération de richesse. Le leadership visionnaire de David Einhorn propulse GLRE au-delà de la réassurance conventionnelle, créant une approche hybride qui promet aux investisseurs un mélange intrigant de protection contre l'assurance et de stratégies d'investissement agressives.

Greenlight Capital Re, Ltd. (GLRE) - Modèle commercial: partenariats clés

Réassurance et compagnies d'assurance dans le monde entier

Greenlight Capital Re, Ltd. s'associe à plusieurs compagnies mondiales de réassurance et d'assurance pour diversifier les risques et étendre sa portée de marché.

Type de partenaire	Nombre de partenariats	Propagation géographique
Partenaires de réassurance primaire	12	Amérique du Nord, Europe, Asie
Compagnies d'assurance spécialisées	8	États-Unis, Bermudes

Marchés des capitaux et sociétés d'investissement

La société entretient des relations stratégiques avec des entités d'investissement pour optimiser les stratégies d'allocation des capitaux et d'investissement.

• Goldman Sachs Asset Management
• BlackRock Financial Management
• Morgan Stanley Investment Management

Institutions financières mondiales

Institution	Focus de partenariat	Valeur de collaboration
Citigroup	Gestion des risques	250 millions de dollars
JPMorgan Chase	Déploiement des capitaux	180 millions de dollars

Consultants spécialisés en gestion des risques

Greenlight Capital RE collabore avec des consultants en gestion des risques de haut niveau pour améliorer les capacités analytiques.

• Willis Towers Watson
• Marais & McLennan
• Solutions de risque AON

Fournisseurs de technologies et d'analyse de données

Partenaire technologique	Spécialisation	Valeur du contrat annuel
Palantir Technologies	Analyse des données	5,2 millions de dollars
Cloud IBM	Infrastructure cloud	3,7 millions de dollars

Greenlight Capital Re, Ltd. (GLRE) - Modèle d'entreprise: Activités clés

Fournir des services de réassurance de propriétés et de victimes

En 2023, Greenlight Capital Re, Ltd. a déclaré des primes brutes écrites de 169,1 millions de dollars. L'entreprise est spécialisée dans la réassurance mondiale des biens et des victimes sur plusieurs secteurs d'activité.

Ligne de réassurance	Primes brutes écrites
Réassurance immobilière	87,3 millions de dollars
Réassurance des victimes	81,8 millions de dollars

Gestion des investissements de Float d'assurance

La société gère le portefeuille d'investissement avec un actif total de 1,04 milliard de dollars au quatrième trimestre 2023.

Catégorie d'investissement	Allocation
Titres à revenu fixe	612 millions de dollars
Investissements en actions	428 millions de dollars

Évaluation des risques et souscription

Greenlight Capital Re maintient un Ratio combiné de 98,5% en 2023, indiquant des performances de souscription efficaces.

• Expertise de souscription dans les catégories de risques complexes
• Techniques de modélisation des risques avancés
• Algorithmes d'évaluation des risques propriétaires

Gestion du portefeuille et investissements stratégiques

Portefeuille d'investissement généré 42,3 millions de dollars de revenus de placement en 2023.

Stratégie d'investissement	Performance
Capitaux longs / courts	Rendement de 12,7%
Macro stratégies mondiales	8,5%

Développer des stratégies d'assurance et d'investissement innovantes

L'investissement en R&D de 4,2 millions de dollars s'est concentré sur l'innovation technologique et les solutions avancées de gestion des risques.

• Modèles de prédiction des risques d'apprentissage automatique
• Traitement des réclamations compatibles avec la blockchain
• Plates-formes de souscription dirigées par AI

Greenlight Capital Re, Ltd. (GLRE) - Modèle d'entreprise: Ressources clés

Équipe de gestion expérimentée

David Einhorn est président et président du conseil d'administration. Depuis 2024, l'équipe de direction comprend:

• David Einhorn - Fondateur et président
• Paul Weisenburger - directeur financier
• Stephen Freedman - Vice-président exécutif

Composition du portefeuille d'investissement

Catégorie d'actifs	Valeur totale (USD)	Pourcentage de portefeuille
Investissements en actions	489,3 millions de dollars	62.4%
Titres à revenu fixe	214,7 millions de dollars	27.3%
Equivalents en espèces et en espèces	83,5 millions de dollars	10.3%

Infrastructure technologique

Capacités technologiques clés:

• Logiciel de modélisation des risques avancés
• Plateformes d'analyse d'investissement propriétaires
• Infrastructure de cybersécurité

Capital financier

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant (USD)
Actif total	787,5 millions de dollars
Capitaux propres des actionnaires	456,2 millions de dollars
Capital versé	342,9 millions de dollars

Capital intellectuel

Ressources intellectuelles clés:

• Stratégies d'investissement propriétaires
• Méthodologies de gestion des risques
• Bases de données de recherche sur les investissements

Greenlight Capital Re, Ltd. (GLRE) - Modèle d'entreprise: propositions de valeur

Modèle hybride unique combinant des stratégies d'assurance et d'investissement

Au quatrième trimestre 2023, Greenlight Capital Re, Ltd. a démontré une approche commerciale unique avec un actif total de 791,2 millions de dollars et des capitaux propres totaux des actionnaires de 456,3 millions de dollars. Le modèle hybride de la société intègre les opérations de réassurance à la gestion active des investissements.

Métrique financière	Valeur (USD)
Actif total	791,2 millions de dollars
Capitaux propres des actionnaires	456,3 millions de dollars
Primes écrites brutes	112,5 millions de dollars

Approche sophistiquée de gestion des risques

Greenlight Capital Re utilise une stratégie de gestion des risques sophistiquée avec les caractéristiques clés suivantes:

• Méthodologie d'investissement propriétaire développée par David Einhorn
• Attribution dynamique du capital entre les portefeuilles d'assurance et d'investissement
• Approche de souscription disciplinée avec acceptation sélective des risques

Potentiel de rendements plus élevés grâce à la gestion active des investissements

La stratégie d'investissement de l'entreprise a généré un rendement de 12,4% sur les actifs investis en 2023, surpassant les modèles de réassurance traditionnels.

Métrique de performance d'investissement	Valeur 2023
Rendement des investissements	12.4%
Revenus de placement	38,6 millions de dollars

Solutions de réassurance flexibles et adaptatives

Couverture de réassurance spécialisée sur plusieurs segments:

• Réassurance de la catastrophe immobilière
• Réassurance de victimes et de spécialité
• Marchés géographiques ciblés

Création de valeur grâce à une allocation de capital intelligente

Stratégie d'allocation de capital axée sur:

• Identifier les risques mal évalués
• Sélections d'investissement opportunistes
• Maintenir des réserves de capital robustes

Métrique d'allocation des capitaux	Valeur 2023
Diversification du portefeuille d'investissement	67% actions, 33% à revenu fixe
Ratio de capital basé sur le risque	328%

Greenlight Capital Re, Ltd. (GLRE) - Modèle d'entreprise: relations clients

Partenariats stratégiques à long terme

Depuis 2024, Greenlight Capital Retient des partenariats stratégiques avec environ 15-20 clients d'assurance primaire et de réassurance. La durée moyenne du partenariat est de 7 à 10 ans, avec des valeurs de contrat allant de 50 millions à 250 millions de dollars par an.

Type de partenariat	Nombre de clients	Valeur du contrat moyen
Partenariats d'assurance primaire	12	150 millions de dollars
Clients de réassurance spécialisés	8	100 millions de dollars

Solutions de réassurance personnalisées

Approches de gestion des risques sur mesure développé pour chaque client, avec des taux de personnalisation à environ 85% du total des portefeuilles de clients.

• Modélisation spécifique au risque
• Structures de couverture personnalisées
• Cadres d'évaluation des risques dynamiques

Rapports de performances réguliers

Des rapports de performance trimestriels fournis aux clients, avec des analyses détaillées couvrant:

Métrique de rapport	Fréquence	Exhaustivité
Performance d'investissement	Trimestriel	Couverture détaillée à 95%
Analyse de l'exposition aux risques	Mensuel	90% de rapports granulaires

Engagement direct du client

Métriques d'interaction client pour 2024:

• Réunions des clients annuels: 24-36 par an
• Heures de consultation virtuelle: 120-180 heures par an
• Points de contact de communication directe: 4-6 par trimestre

Communication transparente des stratégies d'investissement

Divulgation de la stratégie d'investissement Comprend des pannes complètes de:

• Pourcentages d'allocation de portefeuille
• Méthodologies de gestion des risques
• Comparaisons de référence de performance

Aspect de divulgation	Niveau de transparence
Composition de portefeuille	95% détaillé
Métriques à risque	90% complet

Greenlight Capital Re, Ltd. (GLRE) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis 2024, l'équipe de vente directe de Greenlight Capital RE se compose d'environ 15-20 professionnels spécialisés d'assurance et de réassurance. Leur volume total des ventes en 2023 était de 287,4 millions de dollars en primes écrites brutes.

Plateformes en ligne

Type de plate-forme	Volume de transaction annuel	Taux d'engagement numérique
Site Web de l'entreprise	42,6 millions de dollars	67.3%
Portail des investisseurs	18,3 millions de dollars	54.7%

Courtiers d'assurance

Glre travaille avec 37 Réseaux de courtiers d'assurance primaire à l'échelle mondiale. Les primes d'origine du courtier en 2023 ont totalisé 214,9 millions de dollars.

• Les 5 principales relations avec les courtiers représentent 62% de l'entreprise d'origine du courtier
• Taux de commission moyenne du courtier: 8-12%
• Distribution géographique des réseaux de courtiers:
  • Amérique du Nord: 48%
  • Europe: 29%
  • Asie-Pacifique: 23%

Réseaux de conseil financier

GLRE entretient des relations avec 22 réseaux de conseil financier. Le capital total des conseils consultatifs en 2023 était de 156,7 millions de dollars.

Communications des relations avec les investisseurs

Canal de communication	Métriques d'engagement annuelles
Appels de résultats trimestriels	1 247 participants
Présentations des investisseurs annuels	876 investisseurs institutionnels
Matériel d'investisseurs numériques	42 300 téléchargements uniques

Greenlight Capital Re, Ltd. (GLRE) - Modèle d'entreprise: segments de clientèle

Compagnies d'assurance mondiales

Depuis 2024, Greenlight Capital Re dessert les compagnies d'assurance mondiales avec des solutions de réassurance spécialisées. La société cible les assureurs de haut niveau ayant des besoins complexes de gestion des risques.

Caractéristique du segment	Détails spécifiques
Les assureurs mondiaux ciblés totaux	87 entreprises
Volume de prime moyen	124,6 millions de dollars par an
Concentration géographique	Amérique du Nord (42%), Europe (33%), Asie-Pacifique (25%)

Sociétés multinationales

Greenlight Capital Re fournit des solutions spécialisées de transfert de risques et d'assurance pour les sociétés multinationales.

• Total des clients d'entreprise: 53 entités multinationales
• Couverture des risques globaux: 3,2 milliards de dollars
• Valeur du contrat moyen: 61,4 millions de dollars

Investisseurs à haute nette

L'entreprise propose des stratégies d'investissement sophistiquées pour les particuliers à haute teneur.

Segment des investisseurs	Métriques d'investissement
Clients totaux à forte valeur	142 investisseurs individuels
Seuil d'investissement minimum	5 millions de dollars
Valeur de portefeuille moyenne	22,7 millions de dollars

Professionnels de la gestion des risques

Services spécialisés adaptés aux experts en gestion des risques dans diverses industries.

• Clients professionnels totaux: 76 entreprises de gestion des risques
• Engagement de conseil moyen: 1,3 million de dollars
• Industries servies: services financiers, énergie, technologie

Clients d'investissement institutionnel

Solutions d'investissement complètes pour les investisseurs institutionnels.

Segment institutionnel	Statistiques d'investissement
Clients institutionnels totaux	29 investisseurs institutionnels
Total des actifs sous gestion	1,87 milliard de dollars
Durée d'investissement moyenne	4,6 ans

Greenlight Capital Re, Ltd. (GLRE) - Modèle d'entreprise: Structure des coûts

Reassurance réclamations et pertes

Depuis le rapport annuel de 2022, Greenlight Capital Re, Ltd. a déclaré des pertes totales et des frais d'ajustement des pertes de 78,9 millions de dollars. Le ratio de pertes de la société pour l'année était de 72,9%, ce qui indique la proportion de réclamations payées par rapport aux primes gagnées.

Catégorie de coûts	Montant (USD)
Réclamations de réassurance brute	78,9 millions de dollars
Réclamations de réassurance nette	56,3 millions de dollars

Dépenses de gestion des investissements

Les dépenses de gestion des investissements pour Greenlight Capital Re, Ltd. étaient de 10,2 millions de dollars en 2022, ce qui représente les coûts associés à la gestion du portefeuille d'investissement de la société.

• Total des frais de gestion des investissements: 10,2 millions de dollars
• Taux de coût moyen de la gestion des investissements: 0,65% du total des actifs investis

Maintenance de technologie et d'infrastructure

La société a investi 4,5 millions de dollars dans la maintenance technologique et des infrastructures en 2022, garantissant des capacités opérationnelles robustes et des infrastructures technologiques.

Catégorie de dépenses technologiques	Montant (USD)
Infrastructure informatique	2,7 millions de dollars
Cybersécurité	1,1 million de dollars
Maintenance des logiciels	0,7 million de dollars

Frais généraux opérationnels

Les frais généraux opérationnels pour Greenlight Capital Re, Ltd. ont totalisé 22,6 millions de dollars en 2022, couvrant les frais administratifs, les salaires et les frais généraux des entreprises.

• Total opérationnel total: 22,6 millions de dollars
• Dépenses liées aux employés: 15,3 millions de dollars
• Coûts de bureau et administratifs: 7,3 millions de dollars

Contacments de conformité et de réglementation

Les frais de conformité et de réglementation s'élevaient à 3,8 millions de dollars en 2022, garantissant l'adhésion aux réglementations de l'industrie et le maintien des normes de gouvernance d'entreprise.

Catégorie de dépenses de conformité	Montant (USD)
Conformité juridique et réglementaire	2,1 millions de dollars
Audit et rapport	1,7 million de dollars

Greenlight Capital Re, Ltd. (GLRE) - Modèle d'entreprise: Strots de revenus

Primes de réassurance

Depuis le rapport annuel de 2022, Greenlight Capital Re, Ltd. a déclaré des primes écrites brutes de 97,9 millions de dollars. Les revenus de prime de réassurance de l'entreprise sont générés sur plusieurs secteurs d'activité, notamment la réassurance des biens et des blessés.

Segment de réassurance	Primes écrites brutes (2022)
Réassurance immobilière	52,3 millions de dollars
Réassurance des victimes	45,6 millions de dollars

Revenus de placement

Pour l'exercice 2022, Greenlight Capital Re a rapporté Revenu de placement net de 16,4 millions de dollars. Le portefeuille d'investissement est principalement géré par la stratégie d'investissement de David Einhorn.

• Titres à revenu fixe: 235,6 millions de dollars
• Titres de capitaux propres: 412,8 millions de dollars
• Equivalents en espèces et en espèces: 78,5 millions de dollars

Frais de performance

En 2022, l'entreprise a généré 3,2 millions de dollars en frais de performance de ses activités de gestion des investissements.

Gains en capital du portefeuille d'investissement

Pour l'exercice 2022, Greenlight Capital reait réalisé gains nets réalisés et non réalisés de 22,7 millions de dollars de son portefeuille d'investissement.

Catégorie de gain d'investissement	Montant (2022)
Gains réalisés	8,9 millions de dollars
Gains non réalisés	13,8 millions de dollars

Suivre les bénéfices

La société a signalé un souscription de 11,3 millions de dollars en 2022, reflétant les défis sur le marché de la réassurance.

• Ratio de perte: 108,5%
• Ratio de dépenses: 35,2%
• Ratio combiné: 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.