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

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 10
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 reinsurance treaty.

Net Premiums Written

Ceded premiums written in Q1 2025 was $3.5 million, resulting in net premiums written of $24.0 million, compared to $3.8 million and $26.2 million, respectively, in Q1 2024. The decrease was driven mainly from one retrocession casualty program not renewed, offset partially by a new whole-account retrocession program in which we have ceded 28% of new Innovations-related business written.

Net Premiums Earned

Net premiums earned by line of business were as follows:

Three months ended March 3120252024ChangeCasualty$5,669 29.8 %$4,920 16.4 %$749 Financial1,042 5.5 %(583)(1.9)%1,625 Health1,373 7.2 %597 2.0 %776 Multiline12,024 63.3 %13,333 44.3 %(1,309)Specialty(1,103)(5.8)%1,930 6.4 %(3,033)Total$19,005 100.0 %$20,197 100.0 %$(1,192)

Net premiums earned in Q1 2025 decreased by $1,192 or 5.9%, compared to Q1 2024. The change relates to the amount and timing of net premiums written during the current year and prior years.

Loss ratio

The components of the loss ratio were as follows:

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Three months ended March 312025% Point Change2024Current year:  Attritional loss ratio57.4 %(7.6)%65.0 %  CAT losses— %— %— %Current year loss ratio57.4 %(7.6)%65.0 %Prior year reserve development ratio(3.0)%(3.0)%— %Loss ratio54.4 %(10.6)%65.0 %

Current Year Loss Ratio

The current year loss ratio in Q1 2025 decreased by 7.6 points, compared to Q1 2024 driven mainly by improved loss performance in our Syndicate 3456 results in the multiline business.

The Innovations segment was not impacted by any CAT events for the periods presented in the above table.

Prior Year Reserve Development Ratio

Prior year favorable reserve