Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 35

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 35
---
, 2025$(4,896)$567 $(4,329)$111 $(4,218)Three months ended March 31, 2024$(1,473)$1 $(1,472)$(3,929)$(5,401)Open Market Segment:•The net adverse reserve development for the three months ended March 31, 2025 was composed of $23.2 million of reserve strengthening predominantly on the casualty line (various underwriting years) due to current economic and social inflation trends. This was partially offset by $18.3 million of favorable reserve development on property (mostly 2024 underwriting year) and specialty lines (mostly 2022-2024 underwriting years) due to better than expected loss emergence.•The net adverse reserve development for the three months ended March 31, 2024 was composed of $4.1 million of reserve strengthening predominantly on the casualty line (2015-2017 underwriting years) and specialty line (2022-2023 underwriting years) due to current economic and social inflation trends. This was partially offset by $2.7 million of favorable reserve development predominantly on multiline business (various underwriting years) due to better than expected loss emergence.Innovations Segment:•The net favorable reserve development for the three months ended March 31, 2025 was due to better than expected loss emergence on multiline and specialty lines (2022-2023 underwriting years).Corporate - Runoff Business:Corporate represents the Innovations related property runoff business.  The favorable (adverse) prior year reserve development for the above periods relate to CAT losses driven by the U.S. tornados (2021-2023 underwriting years).

8.      RETROCESSION 

The following table provides a breakdown of ceded reinsurance:Three months ended March 3120252024Gross ceded premiums$28,548 $23,181 Earned ceded premiums$19,292 $15,242 Loss and loss adjustment expenses ceded$6,656 $23,076 Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company. The following table shows a breakdown of losses recoverable on a gross and net of collateral basis:

14

March 31, 2025December 31, 2024 GrossNet of Collateral(1)GrossNet