Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 822

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 1
Chunk 822
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 are established for losses and loss adjustment expenses and consist of reserves established for individual reported claims and incurred but not reported losses.Marine & energy coverageCovers damage to ships and goods in transit, marine liability lines and yacht-owned perils. Energy includes offshore energy industry insurance.  Offshore energy covers losses relating to offshore oil, gas, and renewable energy operations.Multi-lineContracts that cover more than one line of business.Mortgage coverageCovers credit risks that compensates insureds for losses arising from mortgage loan defaults.Net financial impactThe net impact of prior period loss development after taking into account net losses and loss expenses incurred, earned reinstatement premiums assumed and ceded, and adjustments to assumed and ceded acquisition costs and profit commissions.

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Net premiums writtenAn insurer’s gross premiums written, less premiums ceded to reinsurers.Non-admitted insurersAn insurer not licensed to do business in the jurisdiction in question. Also known as an unauthorized insurer and unlicensed insurer.Premiums; written, earned, and unearnedPremiums represent the cost of insurance paid by the cedent or insured to the insurer or reinsurer. Written represents the total amount of premiums received, and earned represents the amount recognized as income over a period of time. Unearned is the difference between written and earned premiums.Probable maximum loss (PML)PML is the anticipated loss, taking into account contract terms and limits, caused by a natural catastrophe affecting a broad geographic area, such as that caused by an earthquake or hurricane. Professional liability insuranceProfessional liability insurance protects a company and its representatives against legal claims arising from error or misconduct in providing or failing to provide professional services. This coverage includes errors and omissions policies, directors and officers coverage, and specialty coverage like employment practices liability insurance.Profit commissionA commission paid by a reinsurer to a ceding insurer based on a predetermined percentage of the profit realized by the reinsurer on the ceded business.Property insuranceProperty insurance covers a business’s building and its contents—money and securities, records, inventory, furniture, machinery, supplies, and even intangible assets such as trademarks—when damage, theft, or loss occurs. Property catastrophe reinsuranceProperty catastrophe reinsurance contracts are typically ‘‘all risk’’ in nature, protecting against losses from natural and human-made catastrophes. Losses on these contracts typically stem from direct property damage and business interruption.Proportional reinsuranceAll forms of reinsurance in which the reinsurer shares a proportional part of the original premiums and losses of the reinsured. In proportional re