Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 78

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 78
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 $576.7 million at June 30, 2025. 

Reinsurance balances receivable 

Our reinsurance balances receivable increased by $50.8 million, or 7.2%, to $755.3 million from $704.5 million at December 31, 2024. This was driven primarily by $20.3 million increase in premiums receivable, net of collections, and $29.3 million in funds withheld from new and renewed reinsurance treaties.

Loss and LAE Reserves; Loss and LAE Recoverable

Our total gross loss and LAE reserves increased by $84.0 million, or 9.8%, to $945.0 million from $861.0 million at December 31, 2024, driven by the increase in earned premium from the renewal of reinsurance treaties and new business, an increase in foreign currency translation, and an increase in the overall loss ratio for YTD 2025.  This was offset partially by paid losses during YTD 2025. See Note 7 “Loss and Loss Adjustment Expense Reserves” of the condensed consolidated financial statements for a summary of changes in outstanding loss and LAE reserves and a description of prior period loss developments. 

Our total loss and LAE recoverable increased by $8.2 million, or 9.5%, to $94.0 million from $85.8 million at December 31, 2024.  See Note 8 “Retrocession” of the condensed consolidated financial statements for a description of the credit risk associated with our retrocessionaires.

Probable Maximum Loss (“PML”)

At July 1, 2025, our estimated largest PML at a 1-in-250-year return period for a single event, and in aggregate, was $132.5 million and $145.8 million, respectively, both relating to the peril of North Atlantic Hurricane, compared to $122.9 million and $136.0 million, respectively, at April 1, 2025. 

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The below table contains the expected modeled loss for each of our peak peril regions and sub-regions for both a single event loss and aggregate loss measures at the 1-in-250-year return period.

July 1, 2025Net 1-in-250 Year Return PeriodPerilSingle Event LossAggregate LossNorth Atlantic Hurricane$132,534 $145,809 Southeast Hurricane116,137 117,635 Gulf of Mexico Hurricane