Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 9

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 9
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 the prior year.  This was partially offset by new excess of loss business.

Gross premiums written within our Open Market segment in YTD 2025 increased by $42.7 million or 12.9%, compared to YTD 2024.  The increase was predominantly attributable to the following lines of business:

•Multiline: The 29.6% increase was driven by the same factors noted for Q2 2025.

•Specialty: The 9.8% increase was mainly driven by growth from 2024 quota share reinsurance treaties and new excess loss treaties in our aviation class, in addition to new business and increased lines in our whole account marine and energy (M&E) class.  This was partially offset by non-renewed business in our space class and war, political violence, and terrorism (WPVT) class, coupled with negative premium revision on a cyber treaty bound in 2023.

•Property: The 6.3% decrease was mainly driven by the same factors noted for Q2 2025, partially offset by growth in our property catastrophe class due to reinstatement premiums relating to the California wildfire and new accounts.

Net Premiums Written

Ceded premiums written in Q2 2025 was $10.2 million, resulting in net premiums written of $142.1 million, compared to $11.7 million and $131.6 million, respectively, in Q2 2024. The decrease in ceded premiums written of 12.8% was driven by a decrease in quota share retrocession within our property line due to the non-renewal of the inward 2023 quota share reinsurance treaty as previously noted, offset partially by an increase in quota share retrocession due to growth from inward aviation and M&E business.

Ceded premiums written in YTD 2025 was $35.3 million, resulting in net premiums written of $337.7 million, compared to $31.1 million and $299.3 million, respectively, in YTD 2024. The increase in ceded premiums written of 10.4% was primarily within our specialty line driven mainly by additional excess of loss retrocessional coverage to manage our overall exposure to aviation and M&E business, coupled with an increase in quota share retrocession due to growth from inward aviation and M&E business. This was partially offset by a decrease in quota share retrocession within our property line as noted for Q2 2025.

Net Premiums Earned

Net premiums