Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 48

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 48
---
,339)(19)Deposit interest income (expense), net(149)(876)727 Net underwriting income (loss)(7,794)3,385 (11,179)Investment results:Income from investment in Solasglas32,197 18,248 13,949 Net investment income8,287 13,178 (4,891)Total investment income40,484 31,426 9,058 Corporate and other expenses(4,672)(4,375)(297)Foreign exchange gains (losses)4,355 (1,649)6,004 Interest expense(1,464)(1,249)(215)Income tax expense(1,282)(519)(763)Net income$29,627 $27,019 $2,608 Diluted earnings per share$0.86 $0.78 $0.08 Underwriting ratios:% Point ChangeAttritional loss ratio54.4 %56.6 %(2.2)%CAT loss ratio16.0 %7.7 %8.3 %Current year loss ratio70.4 %64.3 %6.1 %Prior year reserve development ratio2.5 %3.3 %(0.8)%Loss ratio72.9 %67.6 %5.3 %Acquisition cost ratio27.8 %25.8 %2.0 %Composite ratio100.7 %93.4 %7.3 %Underwriting expense ratio3.9 %4.5 %(0.6)%Combined ratio104.6 %97.9 %6.7 %

1 The net financial impact associated with changes in the estimate of losses incurred in prior years, which incorporates earned reinstatement premiums assumed and ceded, adjustments to assumed and ceded acquisition costs, and deposit interest income and expense, was a loss of $3.5 million and $5.4 million for the three months ended March 31, 2025 and 2024, respectively.

26

Consolidated Results of Operations for Q1 2025 compared to Q1 2024

Basic book value per share increased by $1.04 per share, or 5.7%, to $19.30 per share from $18.26 per share at December 31, 2024. Fully diluted book value per share increased by $