Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 55

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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)Specialty(1,103)(5.8)%1,930 6.4 %(3,033)Total$19,005 100.0 %$20,197 100.0 %$(1,192)

Net premiums earned in Q1 2025 decreased by $1,192 or 5.9%, compared to Q1 2024. The change relates to the amount and timing of net premiums written during the current year and prior years.

Loss ratio

The components of the loss ratio were as follows:

31

Three months ended March 312025% Point Change2024Current year:  Attritional loss ratio57.4 %(7.6)%65.0 %  CAT losses— %— %— %Current year loss ratio57.4 %(7.6)%65.0 %Prior year reserve development ratio(3.0)%(3.0)%— %Loss ratio54.4 %(10.6)%65.0 %

Current Year Loss Ratio

The current year loss ratio in Q1 2025 decreased by 7.6 points, compared to Q1 2024 driven mainly by improved loss performance in our Syndicate 3456 results in the multiline business.

The Innovations segment was not impacted by any CAT events for the periods presented in the above table.

Prior Year Reserve Development Ratio

Prior year favorable reserve development ratio of 3.0% contributed to the reduction in loss ratio in Q1 2025 compared to Q1 2024. Refer to Note 7 Loss and LAE Reserves to the condensed consolidated financial statements for further details on the lines of business and prior year development.

Acquisition cost ratio

The acquisition cost ratio increased by 1.7% to 31.7% in Q1 2025 compared to Q1 2024. The increase was predominantly driven by new business with higher acquisition costs within financial and specialty lines. Additionally, the acquisition cost ratio increased due to higher acquisition costs relating to new 2025 programs for Syndicate 3456.  

Underwriting expense ratio

The underwriting expense ratio increased by 3.9 points to 8.2% in Q1 2025 compared to Q1 2024, primarily attributable to additional personnel costs relating to the Innovations segment.

Income before income taxes

The income before income taxes for the Innovations segment was $0.9 million in Q1 2025