Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 508

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 1A
Chunk 508
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 2023.  Except for the “Results by Segment” section of this MD&A, comparisons between 2023 and 2022 have been omitted from this Annual Report, but may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC.  Accordingly, this information is incorporated by reference. 

This discussion and analysis should be read in conjunction with our audited consolidated financial statements and notes thereto presented in “Part II, Item 8. Financial Statements and Supplementary Data” of this Annual Report.  Unless otherwise noted, tabular dollars are in thousands, except per share amounts.  Amounts may not reconcile due to rounding differences.

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Overview51Business Overview51Outlook and Trends51Revenues and Expenses51Key Financial Measures and Non-GAAP Measures52Consolidated Results of Operations54Results by Segment56Open Market Segment56Innovations Segment59Other Corporate61Runoff Underwriting Business61Income from Investment in Solasglas61Financial Condition62Liquidity and Capital Resources64Liquidity64Capital Resources65Contractual Obligations and Commitments66Critical Accounting Estimates67Premium Recognition67Loss and LAE Reserves68Investments Valuation70

50

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. Refer to “Part 1, Item 1. Business” for additional information.

We earned a net income of $42.8 million for the year ended December 31, 2024, a decrease of $44.0 million, or 51% compared to the prior year, predominantly due to higher losses from catastrophe and weather-related events (collectively referred as “CAT losses”), coupled with unfavorable foreign exchange movement in 2024.  

The following is a summary of our financial performance for the year ended December 31, 2024, compared to the prior year:

•Gross premiums written was $698.3 million, an increase of 9.7%;

•Net premiums earned was $620.0 million, an increase of 6.3