Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 35

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED) 

For the three and nine months ended September 30, 2025 and 2024 

(expressed in thousands of U.S. dollars, except per share and share amounts)

Three months ended September 30Nine months ended September 30 2025202420252024Revenues Gross premiums written$184,377 $168,346 $611,950 $554,579 Gross premiums ceded(21,695)(26,598)(65,344)(64,611)Net premiums written162,682 141,748 546,606 489,968 Change in net unearned premium reserves2,737 10,136 (51,083)(18,150)Net premiums earned165,419 151,884 495,523 471,818 Income (loss) from investment in related party investment fund (Note 3) (14,404)19,844 (483)42,422 Net investment income (loss)(2,950)10,454 15,807 34,580 Foreign exchange gains (losses)(1,994)5,826 8,632 3,245 Other income— — — 2,119 Total revenues146,071 188,008 519,479 554,184 ExpensesNet loss and loss adjustment expenses incurred88,593 93,165 311,556 304,524 Acquisition costs46,962 46,162 140,676 138,226 Underwriting expenses7,472 6,073 20,311 18,223 Corporate and other expenses5,399 4,253 14,826 13,334 Deposit interest expense94 377 367 3,139 Interest expense1,430 2,018 4,038 4,827 Total expenses149,950 152,048 491,774 482,273 Income (loss) before income tax(3,879)35,960 27,705 71,911 Income tax expense(526)(723)(2,154)(1,677)Net income (loss)$(4,405)$35,237 $25,551 $70,234 Earnings (Loss) per share ("EPS"):  Basic$(0.13)$1.03 $0