Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 67

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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 %19,814 Total$140,555 100 %$125,865 100 %$14,690 $290,196 100 %$257,475 100 %$32,721 

31

Net premiums earned within our Open Market segment in Q2 2025 increased by $14.7 million or 11.7%, compared to Q2 2024 and by $32.7 million or 12.7% for YTD 2025, compared to YTD 2024. The change is influenced by the amount and timing of net premiums written during the current year and prior years, coupled with the business mix written in the form of excess of loss versus proportional contracts. Additionally, within the financial line and certain specialty line classes, the gross premiums written are earned over multiple years, corresponding with the anticipated risk coverage period.

Loss ratio

The components of the loss ratio for our Open Market segment were as follows:

Three months ended June 30Six months ended June 302025% Point Change20242025% Point Change2024Current year:  Attritional loss ratio55.5 %1.7 53.8 %54.5 %(0.1)54.6 %  Large event loss ratio4.6 %0.1 4.4 %2.4 %(0.7)3.1 %  CAT event loss ratio— %— — %9.3 %5.4 3.9 %Current year loss ratio60.1 %1.8 58.3 %66.3 %4.6 61.6 %Prior year reserve development ratio(0.7)%(0.7)— %1.4 %0.8 0.6 %Loss ratio59.4 %1.1 58.3 %67.6 %5.4 62.2 %

Current Year Loss Ratio

Q2 2025 vs Q2 2024

The Q2 2025 current year loss ratio increased by 1.8 points, compared to Q2 2024 driven mainly by an increase in attritional loss ratio, driven predominantly by our casualty line in response to current economic and social inflation trends. Additionally, there was an increase in attritional loss ratio in our financial line in response to poor performance relating to transactional liability business.