Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 9

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 9
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,197 Net loss and LAE incurred(10,346)(13,127)Acquisition costs(6,033)(6,053)Other underwriting expenses(1,561)(861)Underwriting income (loss)1,065 156 Net investment income448 (344.8)%(183)Corporate and other expenses(572)(3.1)%(590)Income (loss) before income taxes$941 $(617)Underwriting ratios:2025% Point Change2024Loss ratio54.4 %(10.6)%65.0 %Acquisition cost ratio31.7 %1.7 %30.0 %Composite ratio86.1 %(8.9)%95.0 %Underwriting expenses ratio8.2 %3.9 %4.3 %Combined ratio94.3 %(5.0)%99.3 %

Gross Premiums Written

30

Gross premiums written by line of business were as follows:

Three months ended March 3120252024ChangeCasualty$6,685 24.3 %$4,455 14.8 %$2,230 Financial1,784 6.5 %(204)(0.7)%1,988 Health3,635 13.2 %1,532 5.1 %2,103 Multiline14,704 53.5 %22,212 73.9 %(7,508)Specialty658 2.4 %2,073 6.9 %(1,415)Total$27,466 100.0 %$30,068 100.0 %$(2,602)

Gross premiums written within our Innovations segment in Q1 2025 decreased by $2.6 million or 8.7%, compared to Q1 2024. The decrease was predominantly attributable to lower premiums from our Syndicate 3456 included in the multiline business.  The decrease in Specialty line was predominantly due to the cancellation of a quota share reinsurance program, resulting in the return of premiums previously recognized (a corresponding adjustment was also made for the incurred losses). 

The above was partially offset by growth from quota share treaties during 2024 within our casualty, financial and health lines. The negative premiums written for the financial line in Q1 2024 was due to a revised premium estimate for a prior year quota share