Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 406

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 8
Chunk 406
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 are identified.  Accordingly, actual losses for CAT events may ultimately differ materially from the Company’s current estimates. CAT events in 2024During the year ended December 31, 2024, the Company incurred net CAT losses of $57.5 million driven mainly by the Baltimore Bridge collapse, Hurricanes Helene and Milton, the severe convective storms in the U.S. (the “U.S. tornados”) and various marine, energy and aviation related events.  CAT events in 2023During the year ended December 31, 2023, the Company incurred net CAT losses of $28.8 million driven mainly by the U.S. tornados and a Mexican state-owned oil platform fire loss. CAT events in 2022During the year ended December 31, 2022, the Company incurred net CAT losses of $39.7 million driven mainly by the Russian-Ukraine conflict and Hurricane Ian.Prior Year Reserve DevelopmentThe Company’s net favorable (adverse) prior year development arises from changes to estimates for losses and LAE related to loss events that occurred in previous calendar years. The following table presents net prior year reserve development by segment and consolidated:Favorable (Adverse)Open MarketInnovationsTotal SegmentsCorporateTotal ConsolidatedYear ended December 31, 2024$(14,944)$296 $(14,648)$(6,156)$(20,804)Year ended December 31, 2023$(3,586)$(430)$(4,016)$(7,190)$(11,206)Year ended December 31, 2022$3,487 $(2,669)$818 $(936)$(118)Open Market Segment:•The net adverse reserve development in 2024 was composed of $18.4 million of reserve strengthening predominantly driven by the Russian-Ukrainian conflict over aviation losses due to additional uncertainties over judicial rulings interpreting applicable coverages and contracts in place and the future behavior of the Russian government and airlines. Additionally, the Company had reserve strengthening on the casualty line (various underwriting years) due to current economic and social inflation trends. This was partially offset by $3.4 million of favorable reserve development predominantly on financial and specialty lines (various underwriting years).•The net adverse reserve development in 2023 was composed of $28.6 million of reserve strengthening predominantly on the casualty line (various underwriting years) due to current economic and social inflation trends, coupled with a final claim settlement