GLRE — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-05

• For the three months ended March 31, 2026 (“Q1 2026”), we had a net income of $35.8 million, compared to $29.6 million over the three months ended March 31, 2025 (“Q1 2025”). The increase was mainly attributable to stronger underwriting performance, partially offset by foreign exchange losses.

• •Total investment income was $40.4 million, a decrease of 0.2%;

• •Fully diluted book value per share was $21.40, an increase of 4.7% since December 31, 2025.

• Fully diluted book value per share is a non-GAAP financial measure. See “Key Financial Measure and Non-GAAP Measures” section of this MD&A.

• There are many factors contributing to an uncertain global economic outlook, and in particular, the current Middle East conflict. With the recent increase in oil price driven by this conflict, we believe that inflationary trends of recent years could persist. We continue to consider the potential im…

Text removed vs the prior filing · source: 10-Q · 2025-11-03

• For the three months ended September 30, 2025 (“Q3 2025”), we had a net loss of $4.4 million, compared to net income of $35.2 million over the three months ended September 30, 2024 (“Q3 2024”). The decline was mainly attributable to the investment loss from Solasglas, valuation impairments in our In…

• •Current period CAT losses were nil, compared to $12.1 million;

• •Prior year adverse loss development was $0.8 million, compared to prior year favorable loss development of $5.7 million;

• •Total investment loss was $17.4 million, compared to total investment income of $30.3 million (including 3.2% net loss from our investment in Solasglas, compared to net return of 5.2%); and

• Fully diluted book value per share was $18.90 at September 30, 2025, an increase of 5.3% since December 31, 2024. See “Key Financial Measures and Non-GAAP Measures” section of this MD&A.

Text added vs the prior filing · source: 10-Q · 2026-05-05

• The following table table presents a sensitivity analysis of our total net foreign currency exposures presented in USD equivalent:

• At March 31, 2026, a 10% increase in the value of the U.S. dollar against foreign currencies (mostly Euro) would result in a $2.8 million unrealized loss on our investment in Solasglas (December 31, 2025:$3.2 million).

• At March 31, 2026, our interest rate risk exposure in Solasglas was predominantly related to interest rate derivatives. The fair value for these derivatives is sensitive to movements in the underlying benchmark yield curve, and a hypothetical 100 basis point parallel increase in the yield curve woul…

• The following table presents the estimated pre-tax impact on the fair value of fixed maturities due to an increase in the U.S. yield curve of 100 basis points and an additional 100 basis points credit spread widening for corporate debt, ABS, non-agency RMBS, and municipal bond securities.

• Fair valueIncrease in interest rate by 100 basis pointsWidening of credit spreads by 100 basis pointsTotal

Text removed vs the prior filing · source: 10-Q · 2025-11-03

• In connection with equity securities held by Solasglas at September 30, 2025, a 10% decline in the price of each of the underlying listed equity securities and equity-based derivative instruments would result in a $10.3 million unrealized loss on our investment in Solasglas.

• 10% increase in commodity prices10% decrease in commodity prices

• The following table summarizes the net impact of a hypothetical 10% currency rate movement relating to our primary foreign denominated reinsurance net monetary assets or liabilities and cash (including balances held at Lloyd's):

• September 30, 2025Net Asset (Liability) Exposure10% increase in currency rate10% decrease in currency rate

• In connection with the interest rate derivatives held in Solasglas at September 30, 2025, a 100 basis points increase in interest rates would result in a $18.8 million unrealized loss on our investment in Solasglas.

Text added vs the prior filing · source: 10-Q · 2026-05-05

• within the time periods specified by the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumula…