Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 6

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 6
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29,724 13.5 %$18,944 10.1 %$10,780 Financial24,064 10.9 %21,007 11.2 %3,057 Health197 0.1 %215 0.1 %(18)Multiline66,334 30.1 %55,916 29.9 %10,418 Property30,039 13.6 %27,047 14.5 %2,992 Specialty70,351 31.9 %63,932 34.2 %6,419 Total$220,709 100.0 %$187,061 100.0 %$33,648 

Gross premiums written within our Open Market segment in Q1 2025 increased by $33.6 million or 18.0%, compared to Q1 2024.  The increase was predominantly attributable to the following lines of business:

•Casualty: the 56.9% increase was mainly due to the growth in general liability quota share reinsurance contracts incepting in 2024, with premiums continued to be written in Q1 2025.

•Multiline: the 18.6% increase was predominantly driven by new FAL business; partially offset by non-renewed business in our commercial auto class.

•Specialty: the 10.0% increase was mainly driven by growth from 2024 quota share reinsurance treaties in our aviation class, in addition to new business and increased lines in our whole account marine and energy (M&E) class.  This was partially offset by non-renewed business in our space and war, political violence, and terrorism (WPVT) classes.

Net Premiums Written

28

Ceded premiums written in Q1 2025 was $25.1 million, resulting in net premiums written of $195.6 million, compared to $19.3 million and $167.7 million, respectively, in Q1 2024. The increase in ceded premiums written of 29.7% was primarily within our specialty line driven mainly by additional excess of loss retrocessional coverage to manage our overall exposure to aviation and M&E business, coupled with an increase in quota share retrocession due to growth from inward aviation and M&E business. This was partially offset by a decrease in quota share retrocession within our property line due to a decrease