GLRE Cash-Secured Put Strategy
GLRE (Greenlight Capital Re, Ltd.), in the Financial Services sector, (Insurance - Reinsurance industry), listed on NASDAQ.
Greenlight Capital Re, Ltd., through its subsidiaries, operates as a property and casualty reinsurance company worldwide. It operates through Open Market and Innovations segments. The company offers casualty reinsurance, such as automobile liability and general liability. It also provides coverages for casualty, including general liability, umbrella, multiline casualty, and workers’ compensation; financial, such as mortgage, trade credit, surety, transactional liability, and financial multiline; health, which include primarily accident and critical illness; multiline comprising FAL business, coupled with multiline commercial and personal auto liability, BOP, and multiline commercial; property, including commercial property and property catastrophe; and specialty products and services, such as agriculture, cyber, marine and energy, aviation and space, specialty multiline, and WPVT which covers losses relating to war, political violence, and terrorism. The company markets its products through reinsurance brokers. Greenlight Capital Re, Ltd. was incorporated in 2004 and is headquartered in Grand Cayman, the Cayman Islands.
GLRE (Greenlight Capital Re, Ltd.) trades in the Financial Services sector, specifically Insurance - Reinsurance, with a market capitalization of approximately $554.9M, a trailing P/E of 6.95, a beta of 0.33 versus the broader market, a 52-week range of 11.57-19.39, average daily share volume of 204K, a public-listing history dating back to 2007, approximately 83 full-time employees. These structural characteristics shape how GLRE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.33 indicates GLRE has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 6.95 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a cash-secured put on GLRE?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
Current GLRE snapshot
As of June 30, 2026, spot at $16.22, ATM IV 139.10%, IV rank 30.43%, expected move 39.88%. The cash-secured put on GLRE below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.
Why this cash-secured put structure on GLRE specifically: GLRE IV at 139.10% is mid-range versus its 1-year history, so the credit collected on a GLRE cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 39.88% (roughly $6.47 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GLRE expiries trade a higher absolute premium for lower per-day decay. Position sizing on GLRE should anchor to the underlying notional of $16.22 per share and to the trader's directional view on GLRE stock.
GLRE cash-secured put setup
The GLRE cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With GLRE near $16.22, the first option leg uses a $15.41 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GLRE chain at a 17-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 GLRE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $15.41 | N/A |
GLRE cash-secured put risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
GLRE cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on GLRE. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use cash-secured put on GLRE
Cash-secured puts on GLRE earn premium while a trader waits to acquire GLRE stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning GLRE.
GLRE thesis for this cash-secured put
The market-implied 1-standard-deviation range for GLRE extends from approximately $9.75 on the downside to $22.69 on the upside. A GLRE cash-secured put lets a trader earn premium while waiting to acquire GLRE at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current GLRE IV rank near 30.43% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on GLRE should anchor more to the directional view and the expected-move geometry. As a Financial Services name, GLRE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GLRE-specific events.
GLRE cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. GLRE positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GLRE alongside the broader basket even when GLRE-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on GLRE carry tail risk when realized volatility exceeds the implied move; review historical GLRE earnings reactions and macro stress periods before sizing. Always rebuild the position from current GLRE chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on GLRE?
- A cash-secured put on GLRE is the cash-secured put strategy applied to GLRE (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With GLRE stock trading near $16.22, the strikes shown on this page are snapped to the nearest listed GLRE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are GLRE cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the GLRE cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 139.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GLRE cash-secured put?
- The breakeven for the GLRE cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current GLRE market-implied 1-standard-deviation expected move is approximately 39.88%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on GLRE?
- Cash-secured puts on GLRE earn premium while a trader waits to acquire GLRE stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning GLRE.
- How does current GLRE implied volatility affect this cash-secured put?
- GLRE ATM IV is at 139.10% with IV rank near 30.43%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.