Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 51

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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 56.9% increase was mainly due to the growth in general liability quota share reinsurance contracts incepting in 2024, with premiums continued to be written in Q1 2025.

•Multiline: the 18.6% increase was predominantly driven by new FAL business; partially offset by non-renewed business in our commercial auto class.

•Specialty: the 10.0% increase was mainly driven by growth from 2024 quota share reinsurance 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 and war, political violence, and terrorism (WPVT) classes.

Net Premiums Written

28

Ceded premiums written in Q1 2025 was $25.1 million, resulting in net premiums written of $195.6 million, compared to $19.3 million and $167.7 million, respectively, in Q1 2024. The increase in ceded premiums written of 29.7% 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 due to a decrease from inward property business.

Net Premiums Earned

Net premiums earned by line of business were as follows:

Three months ended March 3120252024ChangeCasualty$27,343 18.3 %$23,309 12.5 %$4,034 Financial14,315 9.6 %16,156 8.6 %(1,841)Health45 — %54 — %(9)Multiline53,722 35.9 %55,260 29.5 %(1,538)Property18,506 12.4 %11,649 6.2 %6,857 Specialty35,710 23.9 %25,182 13.5 %10,528 Total$149,641 100.0 %$131,610 100.0 %$18,031 

Net premiums earned within our Open Market segment in Q1 2025 increased by $18.0 million or