Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 67

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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 30Nine months ended September 302025% Change20242025% Change2024Gross premiums written$154,994 3.1 %$150,331 $528,036 9.8 %$480,703 Net premiums written$140,372 9.5 %$128,238 $478,092 11.8 %$427,539 Net premiums earned$144,427 14.1 %$126,577 $434,622 13.2 %$384,052 Net loss and LAE incurred(76,590)(76,177)(272,828)(236,280)Acquisition costs(40,069)(38,223)(121,850)(112,313)Other underwriting expenses(5,446)(4,871)(15,104)(15,165)Deposit interest expense, net(94)(377)(367)(1,020)Underwriting income22,228 6,929 24,473 19,274 Net investment income5,623 (39.9)%9,360 17,023 (46.4)%31,758 Income before income taxes$27,851 $16,289 $41,496 $51,032 Underwriting ratios:2025% Point Change20242025% Point Change2024Loss ratio53.0 %(7.2)60.2 %62.8 %1.3 61.5 %Acquisition cost ratio27.7 %(2.5)30.2 %28.0 %(1.2)29.2 %Composite ratio80.7 %(9.7)90.4 %90.8 %0.1 90.7 %Underwriting expenses ratio3.8 %(0.3)4.1 %3.6 %(0.6)4.2 %Combined ratio84.5 %(10.0)94.5 %94.4 %(0.5)94.9 %

Gross Premiums Written

Gross premiums written by line of business were as follows:

Three months ended September 30Nine months ended September 3020252024Change20252024ChangeCasualty$12,404 8 %$24,372 16 %$(11,968)$62,136 12 %$70