Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 33

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 33
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:Casualty$72,547 $127,268 $199,815 Financial25,088 38,167 63,255 Health3 176 179 Multiline51,735 145,638 197,373 Property39,623 55,119 94,742 Specialty22,129 192,282 214,411 Total Open Market segment211,125 558,650 769,775 Innovations segment:Casualty672 21,587 22,259 Financial876 3,048 3,924 Health399 995 1,394 Multiline11,963 34,697 46,660 Specialty972 1,776 2,748 Total Innovations segment14,882 62,103 76,985 Corporate (property business in runoff)4,626 9,583 14,209 Total$230,633 $630,336 $860,969 % of total27 %73 %100 %

We determine case reserve estimates based on loss reports received. We determine our IBNR reserve estimates using standard actuarial methods and a combination of our own historical and current loss experience, insurance industry loss experience, assessments of pricing adequacy trends, and our professional judgment. In estimating our IBNR reserve, we estimate the total ultimate loss and LAE we expect to incur and subtract paid claims and case reserves.

The nature and extent of our judgment in the reserving process depend in part upon the type of business. Some of our property treaty reinsurance contracts represent business with a low frequency of claims occurrence and a high potential loss severity, such as claims arising from natural catastrophes. Given the nature of these events, traditional actuarial reserving methods may not be reliable indicators of the final outcome. As such, for contracts or losses of this type, we estimate the ultimate cost associated with a single loss event rather than perform analysis on the historical development patterns of past events to estimate the ultimate losses for an entire accident year. We estimate our reserves for these large events on a by-contract basis by reviewing policies with known or potential exposure to a particular loss event.

For non-catastrophe losses, we apply standard actuarial methodologies in setting reserves, including paid and incurred loss development, Bornheutter-Ferguson, burning cost, and frequency and severity techniques. We supplement our analysis with industry loss ratio and development pattern information in conjunction with