Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 3

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 3
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0.65 Increase in fully diluted book value per share5.1 %(4.1)%6.1 %1.5 %3.9 %

(1) Assuming net exercise by the grantee.

25

Consolidated Results of Operations

The table below summarizes our consolidated operating results.

Three months ended March 3120252024ChangeUnderwriting results:Gross premiums written$247,945 $217,258 $30,687 Net premiums written$219,397 $194,077 $25,320 Net premiums earned$168,463 $161,536 $6,927 Net loss and LAE incurred:Current year(118,666)(103,925)(14,741)Prior year (1)(4,218)(5,401)1,183 Net loss and LAE incurred(122,884)(109,326)(13,558)Acquisition costs(46,866)(41,610)(5,256)Underwriting expenses(6,358)(6,339)(19)Deposit interest income (expense), net(149)(876)727 Net underwriting income (loss)(7,794)3,385 (11,179)Investment results:Income from investment in Solasglas32,197 18,248 13,949 Net investment income8,287 13,178 (4,891)Total investment income40,484 31,426 9,058 Corporate and other expenses(4,672)(4,375)(297)Foreign exchange gains (losses)4,355 (1,649)6,004 Interest expense(1,464)(1,249)(215)Income tax expense(1,282)(519)(763)Net income$29,627 $27,019 $2,608 Diluted earnings per share$0.86 $0.78 $0.08 Underwriting ratios:% Point ChangeAttritional loss ratio54.4 %56.6 %(2.2)%CAT loss ratio16.0 %7.7 %8.3 %Current year loss ratio70.4 %64.3 %6.1 %Prior year reserve development ratio2.5 %3.3 %(0.8)%Loss ratio72.9 %67.6 %5.3 %Acquisition cost ratio27.8