Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 59

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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.0 million at December 31, 2024, driven by the increase in earned premium from the renewal of reinsurance treaties and new business, coupled with an increase in the overall loss ratio.  This was offset partially by paid losses during Q1 2025. See Note 7 “Loss and Loss Adjustment Expense Reserves” of the condensed consolidated financial statements for a summary of changes in outstanding loss and LAE reserves and a description of prior period loss developments. 

Our total loss and LAE recoverable increased by $2.2 million, or 2.5%, to $88.0 million from $85.8 million at December 31, 2024.  See Note 8 “Retrocession” of the condensed consolidated financial statements for a description of the credit risk associated with our retrocessionaires.

Probable Maximum Loss (“PML”)

At April 1, 2025, our estimated largest PML at a 1-in-250-year return period for a single event, and in aggregate, was $122.9 million and $136.0 million, respectively, both relating to the peril of North Atlantic Hurricane, compared to $116.3 million and $129.1 million, respectively, at January 1, 2025. 

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The below table contains the expected modeled loss for each of our peak peril regions and sub-regions for both a single event loss and aggregate loss measures at the 1-in-250-year return period.

April 1, 2025Net 1-in-250 Year Return PeriodPerilSingle Event LossAggregate LossNorth Atlantic Hurricane$122,855 $135,950 Southeast Hurricane106,910 108,463 Gulf of Mexico Hurricane57,378 60,710 Northeast Hurricane59,665 59,797 North America Earthquake119,223 121,740 California Earthquake103,926 104,508        Pacific Northwest Earthquake46,800 46,800 New Madrid Earthquake18,050 18,050 Japan Earthquake34,025 34,701 Japan Windstorm19,632 20,587 Europe Windstorm64,573 69,325 

Debt

Our total debt decreased by $0.9 million, or 1.5%, to $59.8 million from $60.7 million at December 31, 2024 due to the quarterly loan installment payment. Refer to Note 9 “De