Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 61

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 million, an increase of 8.9%;

•Net underwriting income was $22.3 million, compared to $6.1 million;

•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

•Diluted EPS was $(0.13), compared to $1.01.

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.

Outlook and Trends

Reinsurance market conditions

We continue to see increased competition from existing and new reinsurance markets, predominantly in our Open Market segment. This is putting pressure on headline rates across various classes; however, attachment points and other terms & conditions are largely holding firm. Our focus remains on maintaining a diversified portfolio that is resilient to market supply-demand pressures. 

General economic conditions

There are many factors contributing to an uncertain global economic outlook, and in particular, we believe that inflationary trends of recent years could persist. We continue to consider the potential impact of relevant economic factors on our underwriting portfolio. On the investment side, DME Advisors regularly monitors and re-positions Solasglas’ investment portfolio to manage the impact of inflation on its underlying investments and holds macro positions to benefit from a rising inflationary environment. DME Advisors remains conservatively positioned as it believes the equity markets are very expensive.

During 2025, the U.S. Administration enacted trade policies that were more aggressive than the financial markets expected, causing additional uncertainty and volatility. These policies continue to complicate the near-term outlook for economic growth and inflation. We remain vigilant to economic data and additional policies that may impact our business. 

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Key Financial Measures and Non-GAAP Measures

There have been no changes to our key financial measures, including non-GAAP financial measures, as described in the MD&A of our 2024 Form 10-K.

Fully Diluted Book Value Per Share

The following table presents a reconciliation of the fully diluted book value per share to basic