Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 34

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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LIGHT CAPITAL RE, LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED) 

For the three and six months ended June 30, 2025 and 2024 

(expressed in thousands of U.S. dollars, except per share and share amounts)

Three months ended June 30Six months ended June 30 2025202420252024Revenues Gross premiums written$179,628 $168,975 $427,573 $386,233 Gross premiums ceded(15,101)(14,832)(43,649)(38,013)Net premiums written164,527 154,143 383,924 348,220 Change in net unearned premium reserves(2,886)4,255 (53,820)(28,286)Net premiums earned161,641 158,398 330,104 319,934 Income (loss) from investment in related party investment fund (Note 3) (18,276)4,330 13,921 22,578 Net investment income10,470 10,948 18,757 24,126 Foreign exchange gains (losses)6,271 (932)10,626 (2,581)Other income— 2,119 — 2,119 Total revenues160,106 174,863 373,408 366,176 ExpensesNet loss and loss adjustment expenses incurred100,079 102,033 222,963 211,359 Acquisition costs46,848 50,454 93,714 92,064 Underwriting expenses6,481 5,811 12,839 12,150 Corporate and other expenses4,755 4,706 9,427 9,081 Deposit interest expense124 1,886 273 2,762 Interest expense1,144 1,560 2,608 2,809 Total expenses159,431 166,450 341,824 330,225 Income before income tax675 8,413 31,584 35,951 Income tax expense(346)(435)(1,628)(954)Net income$329 $7,978 $29,956 $34,997 Earnings per share ("EPS"):  Basic$0.01 $0.23 $0.88 $1