Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 45

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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3 million of reserve strengthening predominantly on the financial line (2022-2023 underwriting years) due to higher volume of claims than expected. This was partially offset by $0.4 million of favorable reserve development predominantly on the multiline business.•The net favorable reserve development for the six months ended June 30, 2024 was composed of $2.1 million due to better than expected loss emergence on health line (various underwriting years) and multiline business (predominantly 2023 underwriting years). This was partially offset by $0.4 million of reserve strengthening on the specialty business.Corporate - Runoff Business:Corporate represents the Innovations related property runoff business. The prior year adverse reserve development for the above periods relate to CAT losses driven by the U.S. tornados (2021-2023 underwriting years).

8.      RETROCESSION 

The following table provides a breakdown of ceded reinsurance:Three months ended June 30Six months ended June 302025202420252024Gross ceded premiums$15,101 $14,832 $43,649 $38,013 Earned ceded premiums$17,309 $11,849 $36,601 $27,091 Loss and loss adjustment expenses ceded$9,006 $14,773 $15,662 $37,849 Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company. 

14

The following table shows a breakdown of losses recoverable on a gross and net of collateral basis:June 30, 2025December 31, 2024 GrossNet of Collateral(1)GrossNet of Collateral(1)A- or better by A.M. Best$91,323 $73,941 $82,181 $63,979 Not rated3,148 556 4,109 2,027 Total before provision$94,471 $74,497 $86,290 $66,006 Provision for credit losses(500)(500)Total loss and loss adjustment expenses recoverable, net$93,971 $85,790 (1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the