Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 61

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 ratio1.9 %(0.4)%2.3 2.2 %1.5 %0.7 Loss ratio61.9 %64.5 %(2.6)67.5 %66.1 %1.4 Acquisition cost ratio29.0 %31.9 %(2.9)28.4 %28.8 %(0.4)Composite ratio90.9 %96.4 %(5.5)95.9 %94.9 %1.0 Underwriting expense ratio4.1 %3.5 %0.6 4.0 %4.0 %— Combined ratio95.0 %99.9 %(4.9)99.9 %98.9 %1.0 

1 The net financial impact associated with changes in the estimate of losses incurred in prior years, which incorporates earned reinstatement premiums assumed and ceded, adjustments to assumed and ceded acquisition costs, and deposit interest income and expense, was a loss of $2.6 million and $0.4 million for the three months ended June 30, 2025 and 2024, respectively, and a loss of $6.1 million  and $5.8 million for the six months ended June 30, 2025 and 2024, respectively.

28

During 2025, we have updated the definition of CAT event loss to be any individual CAT event loss to us of $5 million or more, net of reinsurance recoveries. For the various U.S. tornadoes (including severe convective storms), we have aggregated these and reported the total as CAT loss. Accordingly, we have recast the prior year CAT loss disclosures in this Form 10-Q to conform with this change. Starting with Q2 2025, we have also disclosed separately incurred losses from large events, if any, which is defined as any individual event loss in excess of $1 million but less than $5 million.

Consolidated Results of Operations for Q2 2025 compared to Q2 2024

Basic book value per share increased by $0.10 per share, or 0.5%, to $19.40 per share from $19.30 per share at March 31, 2025. Fully diluted book value per share increased by $0.10 per share, or 0.5%,