Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
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Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References to “we,” “us,” “our,” “our company,” or “the Company” refer to Greenlight Capital Re, Ltd. (“GLRE”) and its wholly-owned subsidiaries unless the context dictates otherwise. 

The following discussion should be read in conjunction with the audited consolidated financial statements and accompanying notes, which appear in our 2024 Form 10-K.

The following is management’s discussion and analysis (“MD&A”) of our results of operations for the three months ended March 31, 2025 and 2024 (herein referred as “Q1 2025” and “Q1 2024”, respectively) and the Company’s financial condition at March 31, 2025 and December 31, 2024.

All amounts are reported in U.S. dollars, unless otherwise noted. Tabular dollars are presented in thousands, with the exception of per share amounts or as otherwise noted.  

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Overview24Business Overview24Outlook and Trends24Key Financial Measures and Non-GAAP Measures25Consolidated Results of Operations26Results by Segment27Open Market Segment27Innovations Segment30Other Corporate32Runoff Underwriting Business32Income from Investment in Solasglas33Financial Condition33Liquidity and Capital Resources36Liquidity36Capital Resources36Critical Accounting Estimates37Recent Accounting Pronouncements37

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Overview

Business Overview

We are a global specialty property and casualty reinsurer headquartered in the Cayman Islands, with an underwriting and investment strategy that we believe differentiates us from most of our competitors. Our goal is to build long-term shareholder value by providing risk management solutions to the insurance, reinsurance, and other risk marketplaces.

For Q1 2025, we earned a net income of $29.6 million, an increase of $2.6 million over Q1 2024, principally due to strong performance from our investment in Solasglas, despite negative and volatile market conditions. Favorable foreign exchange movement also contributed to the higher net income in Q1 2025, which was offset partially by underwriting loss and lower investment-related income from Lloyd’s syndicates compared to Q1 2024. 

The following is a summary of our financial performance for Q1 2025, compared to Q1 202