Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 54

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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2024ChangeCasualty$6,685 24.3 %$4,455 14.8 %$2,230 Financial1,784 6.5 %(204)(0.7)%1,988 Health3,635 13.2 %1,532 5.1 %2,103 Multiline14,704 53.5 %22,212 73.9 %(7,508)Specialty658 2.4 %2,073 6.9 %(1,415)Total$27,466 100.0 %$30,068 100.0 %$(2,602)

Gross premiums written within our Innovations segment in Q1 2025 decreased by $2.6 million or 8.7%, compared to Q1 2024. The decrease was predominantly attributable to lower premiums from our Syndicate 3456 included in the multiline business.  The decrease in Specialty line was predominantly due to the cancellation of a quota share reinsurance program, resulting in the return of premiums previously recognized (a corresponding adjustment was also made for the incurred losses). 

The above was partially offset by growth from quota share treaties during 2024 within our casualty, financial and health lines. The negative premiums written for the financial line in Q1 2024 was due to a revised premium estimate for a prior year quota share reinsurance treaty.

Net Premiums Written

Ceded premiums written in Q1 2025 was $3.5 million, resulting in net premiums written of $24.0 million, compared to $3.8 million and $26.2 million, respectively, in Q1 2024. The decrease was driven mainly from one retrocession casualty program not renewed, offset partially by a new whole-account retrocession program in which we have ceded 28% of new Innovations-related business written.

Net Premiums Earned

Net premiums earned by line of business were as follows:

Three months ended March 3120252024ChangeCasualty$5,669 29.8 %$4,920 16.4 %$749 Financial1,042 5.5 %(583)(1.9)%1,625 Health1,373 7.2 %597 2.0 %776 Multiline12,024 63.3 %13,333 44.3 %(1,309