Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 14

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 14
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%16.0 %141.9 %Specialty178,369 29.6 %97,977 19.4 %69,248 15.3 %82.1 %41.5 %Total$603,798 100.0 %$504,435 100.0 %$452,541 100.0 %19.7 %11.5 %

Gross premiums written in 2024 increased by $99.4 million or 19.7%, compared to 2023.  The increase was predominantly attributable to the following lines of business:

•Financial:  new excess of loss treaties in our financial multiline business and an increase in premium volume for our transactional liability business.

•Property: improved pricing in our commercial and property catastrophe business.

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•Specialty: improved pricing and new customers in our marine and energy (M&E) business, including Lloyd’s whole account excess of loss treaties. Additionally, there was an increase of $9.0 million in reinstatement premiums attributable to the 2024 CAT events, in particular for the Baltimore Bridge collapse. 

The above was partially offset by the decrease in our multiline business, driven by two non-renewed FAL accounts on January 1, 2024; offset by premium growth from the remaining third-party FAL business.

Gross premiums written in 2023 increased by $51.9 million or 11.5%, compared to 2022. The increase was predominantly attributable to property and specialty lines due to improved pricing and new business.  This was partially offset mostly by a decrease in financial line predominantly due to lower level of activity in transactional liability business.

Net Premiums Written

Ceded premiums written in 2024 was $62.4 million, resulting in net premiums written of $541.4 million, compared to $37.9 million and $466.5 million, respectively, in 2023. The increase in ceded premiums written of 64.6% was primarily within our specialty line driven by additional retrocessional coverage to manage our overall exposure to aviation, marine and energy classes of business and to reinstate certain retrocession excess of loss treaties in which the full coverage was presumed exhausted primarily from the Baltimore Bridge loss event in 2024 and the Russian-Ukraine conflict event in 2022.  Additionally, we had an increase in quota share retrocessions due to growth from inward property and  M&E business.