绿光资本再保险 (GLRE) 2026年第三季度业绩电话会议：综合成本率达90.5%

核心要点

• 绿光资本再保险（NASDAQ: GLRE）公布2026年第三季度净利润为320万美元，即摊薄后每股收益0.10美元。年初至今净利润达940万美元，即摊薄后每股收益0.28美元。
• 承保利润为1460万美元，综合成本率为90.5%。该业绩反映出良好的基础盈利能力、未发生新的巨灾或重大损失，以及与特定中东事件相关的准备金减少了600万美元。
• 公开市场业务（Open Markets）仍是主要的承保利润贡献来源，综合成本率为87.9%，承保利润为1520万美元。由于公司应对市场环境走软，净签单保费同比下降19%至1.142亿美元。
• 创新业务（Innovations）毛签单保费同比增长46%至4300万美元，已赚净保费增长34%至2810万美元。其综合成本率上升至98.2%，其中包括7.6个百分点的前几年不利准备金发展。
• Solasglas投资组合本季度回报率为-3.3%，部分被1050万美元的其他投资收益所抵消。Solasglas随后在10月份实现了2.3%的回报率，使其2026年初至今的回报率抹平跌幅。
• 从2026年初截至10月，GLRE耗资3050万美元回购了5.4%的已发行股票。公司在经授权的回购计划下仍剩余2480万美元额度。

关键财务数据

业务与经营业绩

公开市场业务

公开市场业务板块实现税前利润1950万美元，其中包括1520万美元的承保利润和430万美元的投资收益。该板块的综合成本率为87.9%，上年同期为84.5%。

净签单保费下降19%至1.142亿美元，已赚净保费下降13%。管理层将这一下降归因于特种险和财产比例再保险合同的预计保费降低，以及未续保的人身意外及责任险（Casualty）业务敞口减少。由于GLRE在定价走软的环境下恪守周期纪律，公开市场毛签单保费下降了10.4%。

受有利的前几年准备金发展以及与中东冲突相关的准备金释放推动，赔付率改善了1.9个百分点。这被特种险业务中较高的损耗性赔付率部分抵消。获得成本率上升4.1个百分点，主要系可变佣金清算调整所致；费用率上升1.1个百分点至4.9%。

创新业务

创新业务板块报告税前利润580万美元，其中包括50万美元的承保利润和600万美元的投资收益，被60万美元的其他费用部分抵消。

在新业务以及现有综合险和金融险再保险合同敞口增加的推动下，毛签单保费增长46%至4300万美元。随着各业务线的全面扩张，已赚净保费增长34%至2810万美元。

综合成本率从96.8%上升至98.2%。赔付率上升13.5个百分点，主要是由于7.6个百分点的前几年不利准备金发展。受可变佣金调整推动，获得成本率改善了10.1个百分点；因保费增速高于费用增速，费用率改善了2个百分点。

GLRE还宣布与Hippo Holdings建立战略合作伙伴关系。Hippo可与创新业务部门共同投资早期总代理人（MGA）项目，而Spinnaker Insurance Company将作为GLRE针对符合条件的联合投资项目的首选美国持牌代出单保险公司。劳合社（Lloyd's）亦已批准将辛迪加3456（Syndicate 3456）转变为完整辛迪加。

投资组合与资本管理

Solasglas投资组合在第三季度下跌3.3%。最大的拖累因素是SOFR期货的宏观仓位，该仓位反映了美国短期利率降幅将低于市场预期的观点。GLRE减少了该仓位以控制风险，剩余敞口延续至明年夏季。

Green Brick Partners和Brighthouse Financial也是主要的拖累因素。正面贡献因素包括人工智能（AI）相关公司和住宅建筑商的空头仓位，以及DHT Holdings的多头仓位。新增多头仓位包括世纪铝业（Century Aluminum）、ADI Global Distribution和Canal+。

季度末净投资组合敞口为32%，低于第二季度末的33%，10月底约为28%。

GLRE在第三季度耗资800万美元回购了50.5万股股票，10月份又耗资330万美元回购了22万股。管理层表示，将在现有的授权下择机继续实施回购。

管理层展望

管理层表示，再保险市场条件继续软化，但认为费率和条款对公开市场业务而言仍具吸引力。公司预计到2027年将持续出现有盈利的新机遇，同时在1月1日的续保周期中保持承保纪律。

对于创新业务，管理层预计在定价稳定的背景下将保持增长。在与Hippo的合作以及辛迪加3456转变为完整劳合社辛迪加等举措的支持下，公司还预计该板块的费用率将随着规模扩大而有所下降。

风险与关注事项

• 持续的中东冲突仍带来不确定性。GLRE就特定事件将个案准备金减少了600万美元，但维持了已发生未报案（IBNR）准备金。
• 第三季度前几年不利准备金发展为1.6个百分点，主要集中在几个创新业务合同中。
• 再保险市场软化正在对保费规模造成压力，尤其是公开市场业务。
• Solasglas投资波动抵消了本季度的大部分承保利润。尽管已缩减敞口，但SOFR期货仓位年初至今成本高昂。
• 市场担忧监管机构可能阻止或拖延Aquarian Capital待定的Brighthouse Financial收购案，导致Brighthouse股价在本季度下跌了21%。

分析师问答亮点

分析师提出的唯一问题涉及公司与大卫·埃因霍恩（David Einhorn）的股票回购安排。管理层解释称，随着已发行总股数的减少，公开市场回购会导致埃因霍恩的持股比例被动上升。

为将其总体持股比例保持在适用门槛以下，GLRE与埃因霍恩达成协议，向其回购相当于公开市场回购数量33%的股票。管理层表示，该安排旨在保障公司继续回购股票的能力，并已延长至2027年3月。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Greetings. Thank you for joining the Greenlight Capital Re Third Quarter 2026 Earnings Conference Call. [Operator Instructions] It is now my pleasure to turn the call over to David Sigmon, Greenlight Re's General Counsel. Thank you. You may begin.

David Sigmon

Thank you, and good morning. I'd like to remind you that this conference call is being recorded and will be available for replay following the conclusion of the event. An audio replay will also be available under the Investors section of the company's website at www.greenlightre.com. Joining us on the call today will be our CEO, Greg Richardson; Chairman of the Board, David Einhorn; and our Chief Financial Officer, Faramarz Romer.

On behalf of the company, I'd like to remind you that forward-looking statements may be made during this call and are intended to be covered by the safe harbor provisions of the federal securities laws. These forward-looking statements reflect the company's current expectations, estimates and predictions about future results and are subject to risks and uncertainties. As a result, actual results may differ materially from those expressed or implied. For more information on the risks and other factors that may impact future performance, investors should review the periodic reports that are filed by the company with the SEC from time to time. Additionally, management may refer to certain non-GAAP financial measures. The reconciliations to these measures can be found in the company's filings with the SEC. The company undertakes no obligation to publicly update or revise any forward-looking statements.

With that, it is now my pleasure to turn the call over to Greg.

Greg Richardson

Thank you, David. Good morning, everyone, and thank you for joining us. The third quarter of 2026 was mixed with a strong underwriting result offset by investment losses. Overall, we reported a net profit of $3.2 million, which brings our year-to-date net income to $9.4 million. Fully diluted book value per share increased 0.8% in the quarter to $20.78 per share. We reported a combined ratio of 90.5% in the quarter, translating to $14.6 million of underwriting income. This result was driven by a combination of the strong underlying profitability of the book assisted by a benign cat quarter. Our open market book delivered an 87.9% combined ratio, while our innovations book delivered a 98.2% combined ratio.

Shifting to our top line. Our open market gross written premium contracted 10.4% in the quarter compared to prior year as we respond to the softening market conditions and exercise prudent cycle management. In contrast, our innovations book grew by 46% in the quarter, reflecting stable pricing and strong organic growth of the companies we support in this segment. During 2026, we have also expanded our use of outward reinsurance and third-party capital with overall gross written premium for the quarter down just 1.4%, while net written premium was down 12.3%. During our August earnings call, we noted a $25 million provision linked to the Middle East conflict. This provision reduced by $6 million in the third quarter as more information became available on specific individual losses.

While the Middle East conflict is still ongoing, it is noteworthy that we have not reported any new large losses this quarter. Our investment in the Solasglas portfolio was down 3.3% in the quarter. David will provide more color on this in his remarks. The Solasglas loss was offset by $10.5 million of other investment income. Included in other investment income was $4.1 million of realized gains on the partial sale of two innovations investments. As our innovations book matures, we are seeing opportunities to monetize gains on some of our investments. We will recycle this capital into new investment opportunities.

I would like to highlight a strategic partnership we announced last week with Hippo Holdings. Under the partnership, Hippo will have the opportunity to co-invest alongside our innovations unit in early-stage MGA investments. Furthermore, Hippo's carrier, Spinnaker Insurance Company, will serve as Greenlight Re's preferred U.S. admitted fronting carrier for qualifying co-invested programs.

This partnership builds on existing relationships between Hippo and Greenlight Re, and we believe it will help accelerate disciplined profitable growth of our Innovation segment. We are now focused on 1/1 renewals. While the market is continuing to soften, we generally believe that rates and terms remain attractive for our open market reinsurance business, and we expect to see profitable new opportunities through next year. As noted above, innovations growth continues to be strong with stable rates. Now I'd like to turn the call over to David.

David Einhorn

Thanks, Greg, and good morning, everyone. The Solasglas fund returned negative 3.3% in the third quarter. The loan portfolio detracted 7.6%, the short portfolio contributed 7.3% and macro detracted 2.8%. During the quarter, the S&P 500 Index advanced 2.3%. While the market advanced, our long and short portfolios behaved as if they were in a bear market; many of our longs and shorts declined between 10% and 25%. The longs reversed gains and the shorts reverse losses from earlier in the year without a company-specific catalyst. The largest positive contributors were shorts of AI adjacent companies and homebuilder stocks and our long position in DHT Holdings, which benefited from much higher tanker charter rates. The largest detractors were our macro position in short-term U.S. interest rates and our long positions in Green Brick Partners and Brighthouse Financial.

The largest detractor in the quarter was our macro SOFR futures position, which reflects our view that short-term interest rates will decline or at least not increase as much as the market expects. The position has been costly year-to-date, and we've reduced it to manage risk. Our remaining exposure extends through next summer, and we continue to believe that the market is pricing in more Federal Reserve rate increases than are likely to occur. Green Brick Partners shares declined 17% and gave back most of their second quarter appreciation. Brighthouse Financial shares fell 21% amid increasing concern that regulators would block or delay its pending acquisition by Aquarian Capital. We added a few small long positions to the portfolio during the quarter.

Century Aluminum is the largest domestic producer of primary aluminum. The company is benefiting from tariffs in a tight global market and has an attractive growth opportunity to bring new smelter capacity online with government subsidies. We presented this idea last month at the Robin Hood Investors Conference in New York. The full presentation is available on our homepage at www.greenlightcapital.com. We also added positions in ADI Global Distribution, a leading distributor of low-voltage electrical products that recently spun out of Resideo, and Canal+, a London-listed global pay TV and content production company.

Our net exposure ended the third quarter at 32% compared to 33% at the end of the second quarter. Solasglas returned 2.3% in October, bringing the 2026 year-to-date return to flat. Net exposure in the investment portfolio was approximately 28% at the end of October.

Greenlight Re continues to perform well in a softening reinsurance environment. The team has been disciplined and has made prudent decisions over the last year. While the market continues to trade our stock at a significant discount to book value, we continue our share repurchase plan and have bought back over 5% of our outstanding shares in 2026. Joe Platt has been a Director of Greenlight Re since 2004. At our Board meeting last week, he announced he will retire from the Board at the end of the year. Joe has been a great friend and a guiding light for the company through good times and bad. His role as Lead Director and his wise advice have been invaluable to me and the company. I wish Joe the best, and we will miss him. Now I'd like to turn the call over to Faramarz to discuss the financial results in more detail.

Faramarz Romer

Thank you, David. Good morning, everyone. During the third quarter of 2026, Greenlight Re reported a net income of $3.2 million or $0.10 per diluted share, bringing our year-to-date earnings to $9.4 million or $0.28 per diluted share. The underwriting income of $14.6 million for the quarter resulted in a combined ratio of 90.5%, which benefited from no new cat or large losses during the quarter. While the Middle East conflict has continued, we received favorable information relating to specific events that were reserved in the first and second quarters. As Greg mentioned, we reduced our case reserves by $6 million on certain events, while we have maintained our IBNR reserves given the uncertainty in the region. Prior year adverse reserve development was 1.6 points during the third quarter compared to 0.5 points in the same period last year. Most of the reserve strengthening related to a handful of contracts within the Innovation segment.

Now let's look at this quarter's results at the segment level. The Open Markets segment reported a pre-tax income of $19.5 million, composed of underwriting income of $15.2 million and investment income of $4.3 million. For the third quarter, the Open Market segment net written premiums decreased by 19% to $114.2 million, while net earned premiums decreased by 13% -- the decrease in net earned premiums was driven by lowered premium estimates on specialty and property proportional contracts as well as decreased exposure on the non-renewed casualty book. The open market combined ratio for the third quarter was 87.9% compared to 84.5% for the third quarter last year.

Loss ratio for open market decreased by 1.9 points, driven by favorable prior year reserve development of 0.6 points compared to adverse development of 0.6 points in the third quarter of last year. The favorable movement in the cat and large loss ratio from the release of reserves relating to the Middle East conflict was partially offset by higher attritional loss ratio mainly related to the specialty business compared to the same period last year. The acquisition cost ratio for the Open Market segment increased by 4.1 points compared to same period last year, mainly due to variable commission true-ups recorded in the quarter. Expense ratio increased by 1.1 points to 4.9% as a function of lower earned premiums and higher expenses related to personnel costs.

Moving to the Innovation segment. The Innovation segment reported a pretax income of $5.8 million, composed of underwriting income of $0.5 million and investment income of $6 million, partially offset by other expenses of $0.6 million. During the quarter, Innovations gross written premiums increased by $13.6 million or 46% compared to third quarter last year to $43 million, mainly driven by new business and exposure growth from existing treaties in multiline and financial lines. Net earned premiums in the third quarter increased by $7.1 million or 34% to $28.1 million as all lines within the Innovation segment grew compared to the same period last year. The combined ratio for Innovations was 98.2% during the third quarter compared to 96.8% for the same period last year.

The loss ratio in the third quarter increased by 13.5 points, primarily due to 7.6 points of adverse prior year reserve development, while during the same period last year, the segment reported a favorable reserve development of 3.1 points. The third quarter acquisition cost ratio for innovations improved by 10.1 points compared to the same period last year due to variable commission adjustments. In our 10-K filed yesterday, we noted that the Innovations underwriting expenses now include our share of Syndicate 3456 expenses, which were previously presented under acquisition costs. We have reclassified the comparatives to conform prior period figures to the new presentation as we believe it better reflects the nature of these expenses.

As we previously indicated, we expect the expense ratio for Innovations to decrease as the segment gains scale. We are starting to see evidence of this as the expense ratio improved by 2 points as the premium growth exceeded expense growth. We continue to invest in this segment to deliver profitable growth. Our new partnership with Hippo and the Lloyd's approval to transition Syndicate 3456 to a full syndicate are some of the initiatives that we expect will advance us towards this objective.

During the third quarter, we repurchased 505,000 shares for $8 million. Subsequently, in October, we repurchased an additional 220,000 shares for $3.3 million. Since the beginning of the year, we have repurchased 5.4% of our outstanding shares for $30.5 million. We have $24.8 million remaining under the current Board-approved repurchase plan, which will allow us to continue repurchasing shares opportunistically. At the end of the third quarter, our fully diluted book value per share was $20.78, an increase of 1.7% for the first 9 months of the year. That concludes our prepared remarks. The operator will now open the line for your questions.

Operator

[Operator Instructions] The first question comes from Dan DeYoung.

分析师问答

Daniel DeYoung

Could you give more explanation of the tax considerations that make you want to keep David Einhorn's ownership of the company, I guess, where it is or lower it slightly during the share buybacks, please?

Greg Richardson

David, do you want to take that? Or do you want Faramarz to speak on that?

David Sigmon

Yes. Look, we've entered into a number of -- this is, I think, the third one now where we have a share repurchase agreement with David. I'll let David talk about the details of it. But essentially, as the company is buying back shares, it reduces the number of outstanding shares of the company and increases the portion that David is owning as he keeps holding on to the shares. So in order to ensure that David doesn't exceed the thresholds required, we have entered into an agreement where we repurchased 33% of the shares that we repurchased on the open market, we will repurchase them from David. So as we enter into our open market repurchase agreements, we then and enter into a similar agreement with David. And I think we just recently filed a new one with our 8-K yesterday, where you'll see that that's continuing up to March of 2027.

Daniel DeYoung

It's not something where David wants to reduce his ownership at all. It's just for tax considerations and the threshold of his ownership.

David Sigmon

Correct. To maintain this overall ownership percentage. Yes. That's right. The alternative would be not to be able to buy back stock.

Operator

Thank you. At this time, ladies and gentlemen, we would like to thank you for your participation. This does conclude today's teleconference. Please disconnect your lines at this time, and have a great day.