AM Best Affirms Credit Ratings of Greenlight Capital Re, Ltd. and Its Subsidiaries

NOVEMBER 13, 2026 09:42 AM (EST)

AM Best Affirms Credit Ratings of Greenlight Capital Re, Ltd. and Its Subsidiaries

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FOR IMMEDIATE RELEASE

OLDWICK - NOVEMBER 13, 2026 09:42 AM (EST)
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a" (Excellent) of Greenlight Reinsurance, Ltd. (Cayman Islands) and Greenlight Reinsurance Ireland, Designated Activity Company (Ireland). Concurrently, AM Best has affirmed the Long-Term ICR of "bbb" (Good) of Greenlight Capital Re, Ltd. (Cayman Islands) (GLRE), the ultimate holding company. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect GLRE's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The stable outlooks reflect GLRE's operating performance, which was upgraded from "marginal" to "adequate" in 2025, following a sustained period of improved underwriting performance. Later that year, the GLRE produced its most favorable underwriting results in recent years, achieving solid full-year underwriting profitability. Additionally, investment results have been favorable and accretive to net income, with the first nine months of 2026 producing consistent, low volatility underwriting and investment results when compared to the prior year.

AM Best views GLRE's business profile as neutral. The company was incorporated in the Cayman Islands in 2004, and is one of the longest-tenured total return reinsurers. Through its operating subsidiaries, GLRE provides property/casualty reinsurance on a global scale. GLRE has taken steps to diversify its platforms, including significant investments in its innovation-related operations, and the 2022 launch of the Greenlight Re Innovation Syndicate 3456 at Lloyd's. The syndicate has operated the last five years as a "syndicate-in-a-box"; however, it has been approved to become a full syndicate, with operations commencing January 1, 2027. The transition is expected to provide the group with additional opportunities to diversify its underwriting offerings with more traditional syndicate business, as well as continuing to support innovation business. Additionally, GLRE's ERM is deemed appropriate for the company's business complexity and overall risk profile.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings (BCR), Best's Performance Assessments (PA), Best's Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.