Greenlight Capital RE
GLRE on Nasdaq. Greenlight Capital Re sells reinsurance to insurance companies. Market value $481m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 7 cents. Above 10 is good.
What you pay for each dollar of net assets: $0.69.
Profit per $100 you pay: $10.67.
Quality score: 82 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$14.65 a share, 27% above its 1-year low
Over the past year the price has ranged from $11.57 to $19.39.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $589m | $527m | $667m | $696m | $730m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.04bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 8.6% a year
- Buying back its own sharesYes, 5% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $137 million last quarter, down 14% on a year ago.
- A loss of $30 million, after a profit of $329,000 a year ago.
- 4% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $188m |
| December 2024 | $142m |
| March 2025 | $213m |
| June 2025 | $160m |
| September 2025 | $146m |
| December 2025 | $210m |
| March 2026 | $190m |
| June 2026 | $137m |
| Quarter to | Amount |
|---|---|
| September 2024 | $35m |
| December 2024 | -$27m |
| March 2025 | $30m |
| June 2025 | $329,000 |
| September 2025 | -$4m |
| December 2025 | $49m |
| March 2026 | $36m |
| June 2026 | -$30m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 March 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
None of the long-term investors we follow own it. 143 funds in all.
Largest holders overall
- BlackRock$43mAdded
- Dimensional Fund Advisors LP$28mAdded
- Private Management Group$24m
- Morgan Stanley$20mCut
- Ameriprise Financial$12mAdded
- Geode Capital Management$11mAdded
- State Street$10mAdded
- American Century Companies$10mAdded
- CWA Asset Management Group$9mCut
- TWO Sigma Investments, LP$6mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- EINHORN DAVIDat least 18.8%−0.1 pts(filed with 2 related holders)Since 4 August 2026
What they said
Item 4 of the Schedule 13D filed by the Reporting Persons with respect to the Ordinary Shares, as amended, is supplemented as follows: In order to reduce the likelihood of any adverse tax consequences to holders of Ordinary Shares due to the repurchase of Ordinary Shares made by…
Read the filing - BlackRock, Inc.Passive investor5.8%Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
EINHORN DAVID | at least 18.8%−0.1 pts (filed with 2 related holders) | 4 August 2026 | What they saidItem 4 of the Schedule 13D filed by the Reporting Persons with respect to the Ordinary Shares, as amended, is supplemented as follows: In order to reduce the likelihood of any adverse tax consequences to holders of Ordinary Shares due to the repurchase of Ordinary Shares made by… Read the filing |
BlackRock, Inc. Passive investor | 5.8% | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $952,990 of shares on the open market. 9 sold $2m.
- Isaacs IanDirectorSold
- Date
- 28 September 2026
- Shares
- 5,150
- Price
- $14.90
- Value
- $76,739
- Isaacs IanDirectorSold
- Date
- 25 September 2026
- Shares
- 10,000
- Price
- $14.95
- Value
- $149,512
- Diaz SherryControllerSold
- Date
- 17 September 2026
- Shares
- 13,500
- Price
- $15.08
- Value
- $203,580
- Isaacs IanDirectorSold
- Date
- 14 September 2026
- Shares
- 4,850
- Price
- $15.13
- Value
- $73,358
- Isaacs IanDirectorSold
- Date
- 28 August 2026
- Shares
- 4,054
- Price
- $15.42
- Value
- $62,522
- Isaacs IanDirectorSold
- Date
- 27 August 2026
- Shares
- 946
- Price
- $15.43
- Value
- $14,596
- Goldberg Leonard RDirectorBought
- Date
- 10 August 2026
- Shares
- 6,000
- Price
- $15.42
- Value
- $92,520
- Goldberg Leonard RDirectorBought
- Date
- 7 August 2026
- Shares
- 6,000
- Price
- $15.62
- Value
- $93,720
- Isaacs IanDirectorSold
- Date
- 29 June 2026
- Shares
- 1,191
- Price
- $16.72
- Value
- $19,914
- Isaacs IanDirectorSold
- Date
- 25 June 2026
- Shares
- 4,000
- Price
- $16.06
- Value
- $64,240
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 September 2026 | Isaacs Ian Director | Sold | 5,150 | $14.90 | $76,739 |
| 25 September 2026 | Isaacs Ian Director | Sold | 10,000 | $14.95 | $149,512 |
| 17 September 2026 | Diaz Sherry Controller | Sold | 13,500 | $15.08 | $203,580 |
| 14 September 2026 | Isaacs Ian Director | Sold | 4,850 | $15.13 | $73,358 |
| 28 August 2026 | Isaacs Ian Director | Sold | 4,054 | $15.42 | $62,522 |
| 27 August 2026 | Isaacs Ian Director | Sold | 946 | $15.43 | $14,596 |
| 10 August 2026 | Goldberg Leonard R Director | Bought | 6,000 | $15.42 | $92,520 |
| 7 August 2026 | Goldberg Leonard R Director | Bought | 6,000 | $15.62 | $93,720 |
| 29 June 2026 | Isaacs Ian Director | Sold | 1,191 | $16.72 | $19,914 |
| 25 June 2026 | Isaacs Ian Director | Sold | 4,000 | $16.06 | $64,240 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 9 Mar 2026, plus the 10-Q filed 4 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
Competitors with greater resources may make it difficult for us to effectively market our products or offer our products at a profit.
Could happen● the perceived financial strength and general reputation of the reinsurer, including its level of service, trustworthiness, business practices, and other subjective matters; ● ratings assigned by independent rating agencies; ● relationships with reinsurance brokers; ● pricing (for instance, significant capacity continues to enter into the market in the form of insurance linked securities, which may have the potential to impact and/or reduce reinsurance pricing and rates); ● terms and conditions of products offered; ● speed of claims payment; and ● the experience and reputation of the members of our underwriting team in the particular lines of reinsurance we seek to underwrite.
Read moreOur ability to implement our business strategy could be adversely affected by Cayman Islands employment restrictions.
Could happenReforms to immigration policy approved by Parliament in December 2025, and which are expected to come into effect later in 2026, aim to prioritize Caymanian employment, tighten employment mobility for foreign workers, and restructure aspects of the work permit system to enhance oversight and accountability. For businesses, this could mean higher compliance obligations, increased work permit-related costs, reduced flexibility in hiring and transferring employees from other jurisdictions, and longer processing times, all of which impacts strategic planning and business certainty.
Read moreWe may need additional capital in the future in order to operate our business, and such capital may not be available to us or may not be available to us on favorable terms.
Could happen● fund liquidity needs or replace lost capital resulting from underwriting or investment losses; ● meet rating agency capital requirements; ● satisfy collateral requirements that may be imposed by our clients or by regulators; ● meet applicable statutory jurisdiction requirements; or ● respond to competitive pressures.
Read more
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.