Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 34

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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 expense (“LAE”) reserves were composed of the following:March 31, 2025December 31, 2024Case reserves$230,182 $230,633 IBNR686,418 630,336 Total$916,600 $860,969 Reserve Roll-forwardThe following provides a summary of changes in outstanding loss and LAE reserves for all lines of business:ConsolidatedThree months ended March 3120252024Gross balance at January 1$860,969 $661,554 Less: Losses recoverable(85,790)(25,687)Net balance at January 1775,179 635,867 Incurred losses related to:  Current year118,666 103,925 Prior years4,218 5,401 Total incurred122,884 109,326 Paid losses related to:  Current year(6,352)(3,525)Prior years(75,203)(53,343)Total paid(81,555)(56,868)Foreign exchange and translation adjustment12,129 (2,435)Net balance at March 31828,637 685,890 Add: Losses recoverable (see Note 8)87,963 44,765 Gross balance at March 31$916,600 $730,655 Estimates for Catastrophe EventsAt March 31, 2025, the Company’s net reserves for losses and LAE include estimated amounts for catastrophe and weather-related events  (the “CAT losses”). The magnitude and volume of losses arising from these events is inherently uncertain, and, consequently, actual losses for these events may ultimately differ, potentially materially, from current estimates.CAT events in 2025During the three months ended March 31, 2025, the Company incurred CAT losses of $27.0 million relating to the California wildfires.CAT events in 2024During the three months ended March 31, 2024, the Company incurred CAT losses of $12.4 million driven mainly by the Baltimore Bridge collapse.Prior Year Reserve DevelopmentThe Company’s net favorable (adverse) prior year development arises from changes to estimates for losses and LAE related to loss events that occurred in previous calendar years. The following table presents net prior year reserve development by segment and consolidated:

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Favorable (Adverse)Open MarketInnovationsTotal SegmentsCorporateTotal ConsolidatedThree months ended March 31