Greenlight Capital Re Ltd (GLRE) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Greenlight Capital Re first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. (Operator Instructions)

各位好，歡迎參加 Greenlight Capital Re 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議正在錄音。（接線員指示）

It's now my pleasure to turn the call over to David Sigmon, Greenlight Re's General Counsel. David, please go ahead.

現在我很榮幸將電話交給 Greenlight Re 總法律顧問 David Sigmon。David，請開始。

Thank you, and good morning. I would 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.

謝謝，各位早安。我想提醒各位，本次電話會議正在錄音，並將於活動結束後提供重播。音訊重播也將在公司網站 www.greenlightre.com 的「投資人」專區提供。

Joining us on the call today will be our Chief Executive Officer, Greg Richardson; Chairman of the Board, David Einhorn; and Chief Financial Officer, Faramarz Romer.

今天與會的有我們的執行長 Greg Richardson；董事長 David Einhorn；以及財務長 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.

我謹代表公司提醒各位，本次電話會議中可能會發表前瞻性陳述，並意圖受聯邦證券法「安全港」條款之保障。這些前瞻性陳述反映公司對未來結果的目前預期、估計與預測，且受風險與不確定性影響。因此，實際結果可能與明示或暗示者有重大差異。關於可能影響未來表現的風險及其他因素之更多資訊，投資人應查閱公司不時向美國證券交易委員會（SEC）提交的定期報告。

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, including the company's Form 10-K for the year ended December 31, 2025. The company undertakes no obligation to publicly update or revise any forward-looking statements.

此外，管理層可能會提及若干非 GAAP 財務衡量指標。這些指標的調節表可在公司向 SEC 提交的文件中找到，包括截至 2025 年 12 月 31 日止年度的 Form 10-K。公司不承擔公開更新或修訂任何前瞻性陳述之義務。

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

接下來，我很榮幸將電話交給 Greg。

Thank you, David. Good morning, everyone, and thank you for joining us. We reported net income of $35.8 million in Q1 2026, driving an increase in fully diluted book value per share of 4.7%. Our net income was driven by a combination of strong investment performance with the Solasglas portfolio returning 6.8% in the quarter, an excellent result in a challenging market and an underwriting profit of $6.2 million, which equates to a combined ratio of 96.0%.

謝謝你，David。各位早安，感謝各位加入。我們在 2026 年第一季錄得淨利 3,580 萬美元，帶動完全稀釋後每股帳面價值成長 4.7%。本季淨利主要來自強勁的投資表現（Solasglas 投資組合本季報酬率 6.8%，在具挑戰性的市場中是非常出色的成果）以及 620 萬美元的承保利潤，對應綜合比率 96.0%。

Our underwriting results in the first quarter includes a $5 million provision linked to the Middle East conflict. This added 3.2 points to our combined ratio. As we referenced on our earnings call in early March, the Middle East conflict remains a fluid situation. While a cease-fire is currently in place, and we hope the conflict will end soon, significant uncertainty remains.

我們第一季的承保結果包含一筆與中東衝突相關的 500 萬美元準備金，這使我們的綜合比率增加 3.2 個點。如同我們在 3 月初的財報電話會議中提到的，中東衝突仍是變動中的局勢。雖然目前已實施停火，我們也希望衝突能盡快結束，但仍存在高度不確定性。

In Q1, we received an immaterial amount of formal loss notifications. However, given the high degree of uncertainty, we felt it was prudent to establish a $5 million general provision for potential losses.

第一季我們收到的正式損失通知金額並不重大。然而，鑑於高度不確定性，我們認為建立 500 萬美元的一般性準備金以因應潛在損失是審慎之舉。

On our Q4 2025 call, I provided an update on our 1/1/26 renewal season and the market environment at the time. While April 1 is not a major renewal date for us, market trends are unchanged with softening across most lines. April 1 is the primary renewal date for Japanese business. Due to significant rate decreases this year, we decided to non-renew our direct Japanese cat business. Given the relatively small amount of premium, the limited margin potential no longer made sense for the portfolio.

在 2025 年第四季電話會議上，我曾就 2026/1/1 續約季以及當時的市場環境提供更新。雖然 4 月 1 日對我們而言並非主要續約日，但市場趨勢不變，多數險種仍在走軟。4 月 1 日是日本業務的主要續約日。由於今年費率大幅下降，我們決定不再續保我們的日本直接巨災（cat）業務。鑑於保費規模相對較小，有限的利潤空間對該投資組合而言已不再合理。

We remain disciplined. We expect Open Market reinsurance written premium this year to be lower than in the prior year given the soft reinsurance market. On the other hand, we expect our Innovations segment premium to continue to increase, given the organic growth of our existing client portfolio, a strong flow of new business opportunities, more favorable rate trends and our ability to monitor and influence terms and conditions.

我們仍維持紀律。我們預期今年公開市場再保（Open Market reinsurance）簽單保費將低於去年，主因再保市場走軟。另一方面，鑑於既有客戶組合的有機成長、強勁的新業務機會流、更有利的費率趨勢，以及我們監控並影響條款與條件的能力，我們預期 Innovations 事業部的保費將持續增加。

As a management team, we are focused on delivering consistent profitability over the long term. While our shares have been trading at a discount to our growing book value, we have all along maintained that strong underwriting and investment results will ultimately be reflected in our share price. We have started to see this recently following the release of our full-year 2025 results.

作為管理團隊，我們專注於長期提供一致的獲利能力。雖然我們的股價一直以低於持續成長的帳面價值折價交易，但我們始終認為，強勁的承保與投資成果最終會反映在股價上。我們在近期、於發布 2025 年全年業績後，已開始看到這一點。

Meanwhile, we have returned $14.5 million of capital to our shareholders year-to-date via share repurchases under our Board-approved share repurchase plan. As I have noted previously, we are optimistic about the opportunities ahead and Greenlight Re's positioning.

同時，我們今年迄今已透過董事會核准的庫藏股回購計畫回購股份，向股東返還 1,450 萬美元資本。如我先前所述，我們對未來機會以及 Greenlight Re 的定位感到樂觀。

Now I'd like to turn the call over to David.

現在我想把電話交給 David。

Thanks, Greg, and good morning, everyone. The Solasglas fund returned 6.8% in the first quarter. The long portfolio contributed 1%, the short portfolio contributed 5.7% and macro contributed 1.2%. During the quarter, the S&P 500 Index declined 4.4%. The largest positive contributors were long investments in gold, Acadia Healthcare and DHT Holdings. The largest detractors included our macro position in short-term interest rates and our long investments in Kyndryl Holdings and Graphic Packaging.

謝謝，Greg，各位早安。Solasglas 基金第一季報酬率為 6.8%。多頭投資組合貢獻 1%，空頭投資組合貢獻 5.7%，宏觀策略貢獻 1.2%。本季標普 500 指數下跌 4.4%。最大正向貢獻來自黃金、Acadia Healthcare 與 DHT Holdings 的多頭投資。最大負向貢獻包括我們在短期利率上的宏觀部位，以及我們在 Kyndryl Holdings 與 Graphic Packaging 的多頭投資。

Gold was the largest positive contributor as its price advanced 8% during the quarter. Gold spiked through the end of February amid de-dollarization concerns leading to gains in both our physical and call option positions. We took some profits, which lowered our total exposure and allowed us to preserve most of our gains in gold as it declined in March.

黃金是最大正向貢獻者，其價格本季上漲 8%。在 2 月底前，黃金因去美元化疑慮而大幅上漲，帶動我們的實體黃金與買權部位均獲利。我們獲利了結一部分，降低了總曝險，並使我們在 3 月黃金回落時得以保留大部分黃金收益。

Acadia Healthcare shares advanced 65% during the quarter. We established a small position in late 2024 when the shares came under pressure following the New York Times investigation into patient treatment. The decline continued as the company's aggressive expansion strategy weighed on results.

Acadia Healthcare 股價本季上漲 65%。我們在 2024 年底建立了一個小部位，當時該股因《紐約時報》對病患治療的調查報導而承壓。隨後股價持續下跌，因公司積極的擴張策略拖累了業績表現。

In late January, shares recovered when the company removed the incumbent CEO and announced the return of its well-regarded former CEO. Should the company be successful in improving occupancy to its target levels, we believe annual earnings per share can double.

1 月下旬，公司撤換現任執行長並宣布備受好評的前任執行長回歸後，股價回升。若公司能成功將入住率提升至其目標水準，我們認為年度每股盈餘可望翻倍。

DHT Holdings shares advanced 53% during the quarter. The company owns and charters very large crude carriers, which were in short supply even prior to the war. With day rates increasing to 5 times the long-term average level, these elevated rates, we expect will allow the company to pay a dividend that is nearly quadruple this year.

DHT Holdings 股價本季上漲 53%。該公司擁有並出租超大型原油運輸船（VLCC），即使在戰爭爆發前，市場供給就已偏緊。隨著日租金上升至長期平均水準的 5 倍，在這些高檔運價下，我們預期公司今年可支付的股利將接近去年的四倍。

The largest detractor for the quarter was our long SOFR futures position. After the war began and oil prices spiked, the market started to doubt the Fed's ability to cut rates, resulting in losses for the quarter. We maintained the position as we view the oil price shock as ultimately a headwind to growth, creating a viable pathway for the incoming Chairman of the Federal Reserve to lower rates.

本季最大負向貢獻者是我們的 SOFR 期貨多頭部位。戰爭爆發、油價飆升後，市場開始質疑聯準會降息的能力，導致本季出現虧損。我們維持該部位，因我們認為油價衝擊最終將對成長構成逆風，為即將上任的聯準會主席創造一條可行的降息路徑。

Kyndryl shares declined 58% during the quarter. We owned Kyndryl for more than four years through a successful turnaround following its spin-off from IBM. Recently, it became more difficult for the company to win new business and the shares were [round-trip] back near our entry price. Fortunately, along the way, we took some profits at higher prices. We exited our remaining position during the quarter.

Kyndryl 股價本季下跌 58%。我們持有 Kyndryl 超過四年，並在其自 IBM 分拆後成功完成轉型的過程中獲利。近期，公司贏得新業務變得更具挑戰，股價也[round-trip]回到接近我們的進場價格。所幸在此過程中，我們曾在較高價位獲利了結一部分。我們已於本季退出剩餘持股。

Graphic Packaging shares declined 33% during the quarter. The company missed earnings expectations and lowered guidance as costs for its new paper mill came in well over budget. Also, the company replaced its experienced CEO with a new one who recently oversaw a major disappointment at its prior company and has yet to outline a clear strategy.

Graphic Packaging 股價本季下跌 33%。公司未達市場對獲利的預期，並因其新紙廠成本遠超預算而下調財測指引。此外，公司以一位新執行長取代了經驗豐富的原執行長；該新任執行長先前在其前公司曾主導一項重大失望事件，且迄今仍未提出清晰的策略。

While the shares have suffered, we believe they are extremely cheap relative to reasonable mid-cycle operating results. We initiated a medium-sized position in Versant Media Group following its recent spin-off from Comcast. Shares declined after the spin-off as Comcast shareholders sold stock they received, and the index removals triggered additional selling. This resulted in Versant trading at under 4 times adjusted EBITDA and an implied cash flow yield that we believe will allow the company to return almost all its entire market cap to shareholders within four years.

儘管股價已受挫，我們認為相較於合理的中期景氣循環（mid-cycle）營運成果，該股極度便宜。我們在 Versant Media Group 近期自 Comcast 分拆上市後，建立了一個中等規模的部位。分拆後股價下跌，原因在於 Comcast 股東出售其所獲配的股票，而指數剔除亦引發額外賣壓。這使得 Versant 的交易估值低於調整後 EBITDA 的 4 倍，且隱含現金流殖利率我們認為可使公司在四年內幾乎將其全部市值回饋給股東。

Prior to the war, we cautiously positioned with relatively low gross and net exposure. While most market participants are optimistic that the conflict will be resolved soon and with minimal repercussions, we continue to prioritize capital preservation and maintain some dry powder.

戰前，我們以相對較低的總曝險與淨曝險謹慎布局。儘管多數市場參與者樂觀認為衝突將很快解決且影響有限，我們仍以資本保全為優先，並保留部分可動用資金（dry powder）。

Our net exposure at the end of the quarter was about 41% compared to about 40% at the end of 2025. Solasglas returned 0.4% in April, bringing the year-to-date 2026 return to 7.2%. Net exposure in the investment portfolio was approximately 30% at the end of April.

本季末我們的淨曝險約為 41%，相較於 2025 年底約 40%。Solasglas 於 4 月回報 0.4%，使 2026 年截至目前的報酬率達 7.2%。截至 4 月底，投資組合的淨曝險約為 30%。

We continue to be pleased with the performance of the company's underwriting portfolio and investments. We remain disciplined in our capital allocation and are being deliberate on where we can generate the best returns on our invested capital given the many levers we have at our disposal, including share buybacks.

我們持續對公司承保投資組合與投資表現感到滿意。我們在資本配置上維持紀律，並審慎評估在我們可運用的多項槓桿（包括庫藏股回購）之下，何處能為投入資本創造最佳報酬。

And now I'd like to turn the call over to Faramarz to discuss the financial results in more detail.

接下來我想把電話交給 Faramarz，請他更詳細說明財務結果。

Thank you, David. Good morning, everyone. During the first quarter of 2026, Greenlight Re reported net income of $35.8 million or $1.05 per diluted share. Total underwriting income was $6.2 million, resulting in a combined ratio of 96%, which was 8.6 points better than the same period last year.

謝謝你，David。各位早安。2026 年第一季，Greenlight Re 公布淨利為 3,580 萬美元，或稀釋後每股盈餘 1.05 美元。承保總收益為 620 萬美元，使綜合比率為 96%，較去年同期改善 8.6 個百分點。

The 2026 first-quarter combined ratio benefited from 10.5 points of improvement due to lower cat and event losses contributing 5.8 combined ratio points compared to the same period last year, which included 18.1 combined ratio points related to the California wildfires. Favorable loss development contributed 4.1 points of improvement in the combined ratio and was offset by 4 points of higher acquisition cost ratio and 1.2 points of higher expense ratio.

2026 年第一季綜合比率受惠於 10.5 個百分點的改善，主要來自巨災與事件損失較低：本期巨災與事件損失對綜合比率的貢獻為 5.8 個百分點，而去年同期包含與加州野火相關的 18.1 個百分點。理賠損失發展有利（favorable loss development）為綜合比率帶來 4.1 個百分點的改善，但被取得成本比率上升 4 個百分點及費用比率上升 1.2 個百分點所抵銷。

Our net investment income for the quarter was $40.4 million compared to $40.5 million in the first quarter of 2025. $33.7 million of the investment income related to our investment in Solasglas, which posted a strong 6.8% return in the quarter, the remainder related to interest income on our collateral and funds withheld balances.

本季淨投資收益為 4,040 萬美元，與 2025 年第一季的 4,050 萬美元相近。其中 3,370 萬美元的投資收益來自我們對 Solasglas 的投資；該投資於本季繳出強勁的 6.8% 報酬。其餘則來自我們抵押品（collateral）及代扣資金（funds withheld）餘額的利息收入。

I will now break down the first-quarter results by segment, starting with the Open Market segment.

我現在將按部門拆解第一季結果，先從公開市場（Open Market）部門開始。

The Open Market segment reported a pretax income of $11.9 million composed of underwriting income of $6.8 million and investment income of $5.1 million. For the quarter, the Open Market segment net written premiums decreased by 22.7% to $151.3 million, while net earned premiums decreased by 13.8%. A decrease in net earned premium was expected as it related to the casualty book, which we had decided to non-renew early in 2025. The remainder of the decrease was mostly related to downward premium adjustments on quota share specialty property and multiline contracts.

公開市場部門稅前收益為 1,190 萬美元，由承保收益 680 萬美元與投資收益 510 萬美元構成。本季公開市場部門淨簽單保費（net written premiums）下降 22.7% 至 1.513 億美元，而淨已賺保費（net earned premiums）下降 13.8%。淨已賺保費下降在預期之內，因其與責任險（casualty）業務組合相關；我們已於 2025 年初決定不再續保。其餘降幅多與配額分保（quota share）的專業財產險及多險種合約的保費向下調整有關。

The Open Market combined ratio for the first quarter improved by 11.2 points to 94.8% compared to the same period in 2025 due to favorable loss development and lower cat losses. First-quarter favorable reserve development was 2.2 percentage points compared to adverse development of 3.3% in first quarter last year.

公開市場部門第一季綜合比率較 2025 年同期改善 11.2 個百分點至 94.8%，主要因理賠損失發展有利及巨災損失較低。第一季有利準備金發展為 2.2 個百分點，而去年第一季為不利發展 3.3%。

Cat losses were $5 million related to the Middle East conflict in the first quarter of this year versus $27 million relating to the California wildfires in Q1 last year. The improvement in combined ratio was partially offset by higher acquisition cost ratio due to higher commissions reported on the FAL programs and higher expense ratio attributed to performance-based long-term incentive compensation. Overall, the Open Market segment had a strong performance during the quarter.

本年度第一季巨災損失為 500 萬美元，與中東衝突相關；相較之下，去年第一季與加州野火相關的巨災損失為 2,700 萬美元。綜合比率的改善部分被較高的取得成本比率所抵銷，原因是 FAL 計畫所報告的佣金較高，以及因績效導向的長期激勵薪酬而導致的費用比率上升。整體而言，公開市場部門本季表現強勁。

Now let's turn to the Innovations segment. The Innovations segment produced an underwriting loss of $0.6 million and an investment income of $1.1 million. During the quarter, the Innovations gross written premiums increased by $20.1 million or 73% to $47.6 million, mainly driven by new business and exposure growth from existing treaties in casualty, financial and specialty lines, combined with growth in Syndicate 3456, which is presented under Multiline.

接下來看創新（Innovations）部門。創新部門產生承保損失 60 萬美元，投資收益 110 萬美元。本季創新部門總簽單保費（gross written premiums）增加 2,010 萬美元或 73%，至 4,760 萬美元，主要由新業務以及既有合約在責任險、金融險與專業險種的曝險成長所帶動，並結合 3456 號辛迪加（Syndicate 3456）的成長（其列示於多險種 Multiline）。

We renewed our Innovations whole account retrocession program on January 1, 2026, increasing the ceded share from 28.5% to 33%. Therefore, the ceded premiums in the first quarter increased due to the combination of growth in underlying business and a higher portion ceded.

我們於 2026 年 1 月 1 日續約創新部門的整體帳戶轉分保（whole account retrocession）計畫，將分出比例由 28.5% 提高至 33%。因此，第一季分出保費（ceded premiums）因基礎業務成長與分出比例提高的雙重因素而增加。

The net earned premiums for Innovations segment increased by $6.2 million or 32% to $25.2 million. The combined ratio for the Innovations segment was 102.3% during the first quarter, which included 1.4 points related to adverse prior year development compared to 3 points of favorable development in the first quarter last year.

創新部門淨已賺保費增加 620 萬美元或 32%，至 2,520 萬美元。創新部門第一季綜合比率為 102.3%，其中包含與前期年度不利發展相關的 1.4 個百分點；相較之下，去年第一季為 3 個百分點的有利發展。

The attritional loss ratio was 4.4 points higher, mainly related to a financial lines program where the past loss experience warranted a higher current year loss ratio. The expense ratio for this Innovations segment was unchanged at 8.2% in spite of the increase in earned premiums.

經常性損失率（attritional loss ratio）上升 4.4 個百分點，主要與一項金融險計畫有關，因過往損失經驗顯示需要提高本年度損失率。儘管已賺保費增加，創新部門費用比率仍維持不變，為 8.2%。

We continue to invest in talent and technology in readiness for future growth of this segment. During the first quarter, we repurchased 298,701 shares for $5 million at an average price of $16.7 per share. Subsequently, during the month of April, we repurchased an additional $9.5 million of shares, bringing our year-to-date repurchases to $14.5 million.

我們持續投資人才與科技，以因應該部門未來成長的準備。第一季我們以 500 萬美元回購 298,701 股，平均每股價格 16.7 美元。其後於 4 月份，我們再額外回購 950 萬美元股票，使今年截至目前的回購總額達 1,450 萬美元。

On April 28, the Board approved a new share repurchase authorization of $40 million effective May 15, 2026, and expiring at the end of May 2027. At the end of the first quarter, our fully diluted book value per share was $21.40, an increase of 4.7% for the quarter. Our primary metric continues to be growth in fully diluted book value per share, and we are pleased with the first-quarter 2026 results.

4 月 28 日，董事會核准一項新的 4,000 萬美元股票回購授權，自 2026 年 5 月 15 日生效，並於 2027 年 5 月底到期。第一季末，我們的完全稀釋後每股帳面價值為 21.40 美元，單季增加 4.7%。我們的主要衡量指標仍為完全稀釋後每股帳面價值的成長，我們對 2026 年第一季的結果感到滿意。

That concludes our prepared remarks. The operator will now open the line for your questions.

以上為我們預先準備的發言。接線員現在將開放提問。

(Operator Instructions) Thank you. As there are no questions at this time, should you have any follow-up questions, please direct them to Jeremy Hellman at The Equity Group Inc at ir@greenlightre.ky, and he'll be happy to assist you.

（接線員指示）謝謝。目前沒有提問；若您有任何後續問題，請寄送至 The Equity Group Inc 的 Jeremy Hellman，電子郵件為 ir@greenlightre.ky，他將很樂意為您協助。

This does conclude Greenlight Re's first-quarter 2026 earnings conference call. Thank you. You may now disconnect.

Greenlight Re 2026 年第一季財報電話會議到此結束。謝謝。您現在可以掛線。