Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 236

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 236
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,659)(23,151)(24,675)(316,485)Acquisition costs(125,296)(11,111)(6,741)(143,148)Other underwriting expenses(11,867)(1,946)— (13,813)Deposit interest expense, net(6,717)— — (6,717)Underwriting income (loss)(1,662)(3,024)(6,000)(10,686)Reconciliation to income before income taxes:Net investment income4,898 9,869 (6,417)8,350 Corporate and other expenses— (3,452)(14,341)(17,793)Income from investment in Solasglas54,844 54,844 Foreign exchange gains (losses)(5,988)(5,988)Interest expense(4,201)(4,201)Income before income taxes$3,236 $3,393 $17,897 $24,526 Additional information:Net loss and LAE incurred:  Attritional losses$235,179$20,482$20,989$276,650  CAT losses36,96702,75039,717  Prior year adverse (favorable) loss development(3,487)2,669936118Total net loss and LAE incurred$268,659$23,151$24,675 $316,485 Total allocated assets (2)$631,738$84,516$864,127 $1,580,381(2) The Company does not allocate assets to reporting segments, with the exception of restricted cash used to collateralized certain reinsurance transactions, including FAL, and  Innovations-related private investments. The other underwriting expenses includes general and administrative expenses directly attributable to each of the segment, in addition to allocated indirect overhead costs.The net investment income includes:•Interest income earned on restricted cash (see Note 5 - Restricted Cash and Cash Equivalents) and FAL balances directly attributable to each of the segments; and•Realized and unrealized gains (losses) on private investments directly attributable to Innovations segment (see Note 4 - Other Investments).The Company had no intersegment revenues for the years ended December 31, 2024, 2023, and 2022.Concentration of revenueThe Company has a diverse client base, for which there was no individual customer that accounted for more than 10% of the total consolidated