Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 16

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 16
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 premiums written for both periods was predominantly driven by the new whole-account retrocession program in which we have ceded 28% of Innovations-related programs incepting Q4 2024 onwards. Additionally, we had an increase in quota share retrocessions due to growth from inward health and specialty business.

Net Premiums Earned

Net premiums earned by line of business were as follows:

Three months ended September 30Nine months ended September 3020252024Change20252024ChangeCasualty$4,263 20 %$3,550 16 %$713 15,160 25 %13,423 20 %$1,737 Financial2,747 13 %836 4 %1,911 6,476 11 %2,499 4 %3,977 Health393 2 %414 2 %(21)2,705 4 %1,522 2 %1,183 Multiline10,671 51 %13,986 64 %(3,315)33,824 55 %42,309 63 %(8,485)Specialty2,926 14 %3,007 14 %(81)3,226 5 %7,585 11 %(4,359)Total$21,000 100 %$21,793 100 %$(793)61,391 100 %67,338 100 %$(5,947)

Net premiums earned in Q3 2025 decreased by $0.8 million or 3.6%, compared to Q3 2024. Net premiums earned in YTD 2025 decreased by $5.9 million or 8.8%, compared to YTD 2024. The change relates to the amount and timing of net premiums written during the current year and prior years. The earning of the new whole-account retrocession program is included in the multiline business, which contributed to the decline in the net premiums earned for both periods.

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Loss ratio

The components of the loss ratio were as follows:

Three months ended September 30Nine months ended September 302025% Point Change20242025% Point Change2024Current year:  Attritional loss ratio57.4 %1.8 55.7 %58.1 %(2.1)60.2 %  Large event loss ratio