Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 45

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 following:September 30, 2025December 31, 2024Case reserves$236,724 $230,633 IBNR701,584 630,336 Total$938,308 $860,969 Reserve Roll-forwardThe following provides a summary of changes in outstanding loss and LAE reserves for all lines of business:ConsolidatedNine months ended September 3020252024Gross 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 year303,474 305,467 Prior years8,082 (943)Total incurred311,556 304,524 Paid losses related to:  Current year(35,136)(27,382)Prior years(229,908)(176,210)Total paid(265,043)(203,592)Foreign exchange and translation adjustment33,833 8,405 Net balance at September 30855,525 745,205 Add: Losses recoverable (see Note 8)82,783 65,947 Gross balance at September 30$938,308 $811,152 Estimates for Catastrophe EventsAt September 30, 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 nine months ended September 30, 2025, the Company incurred CAT losses of $27.0 million relating to the California wildfires.

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CAT events in 2024During the nine months ended September 30, 2024, the Company incurred CAT losses of $29.9 million driven mainly by the Baltimore Bridge collapse, Hurricane Helene, and the U.S. tornadoes (including severe convective storms).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 for the respective periods.Favorable (Adverse)Open MarketInnovationsTotal SegmentsCorporateTotal