Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 69

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 4.8%, decrease was mainly attributable to the $10.1 million change in premiums related to a quota share reinsurance multiline program. This decrease in Q3 2025 was partially offset by growth from 2024 quota share reinsurance treaties and new excess of loss treaties in our aviation class, in addition to new business and increased participation on contracts in our whole account marine and energy (M&E) class.

Gross premiums written within our Open Market segment in YTD 2025 increased by $47.3 million or 9.8%, compared to YTD 2024. The increase was predominantly attributable to the following lines of business:

•Multiline: The $33.6 million, or 23.4%, increase was driven by the same factors noted for Q3 2025, coupled with growth from new construction and engineering business.

•Financial: The $12.5 million, or 26.2%, increase was driven by the same factors noted for Q3 2025, coupled with growth from new excess of loss surety business.

•Specialty: The $8.3 million, or 5.6%, increase was mainly driven by the growth highlighted for Q3 2025. This was partially offset by the change in premiums associated with the quota share reinsurance multiline program noted for Q3 2025 and non-renewed business in our war, political violence, and terrorism (WPVT) class. Additionally, we made a downward revision in our estimated premium on a cyber treaty bound in 2023.

Offset partially by:

•Casualty: The $8.7 million, or 12.3%, decrease was mainly due to the same explanation as noted for Q3 2025.

Net Premiums Written

Ceded premiums written in Q3 2025 was $14.6 million, resulting in net premiums written of $140.4 million, compared to $22.1 million and $128.2 million, respectively, in Q3 2024. The decrease in ceded premiums written of 33.8% was driven by the reduced quota share retrocession activity within our specialty multiline business due to lower estimated inward premiums.

Ceded premiums written in YTD 2025 was $49.9 million, resulting in net premiums written of $478.1 million, compared to $53.2 million and $427.5 million, respectively, in YTD 2024. The decrease in ceded premiums written of 6.1