Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 7

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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Results by Segment

The following is a discussion and analysis for each reporting segment.

Open Market Segment

Results for the Open Market segment were as follows:

Three months ended June 30Six months ended June 302025% Change20242025% Change2024Gross premiums written$152,333 6.3 %$143,311 $373,042 12.9 %$330,372 Net premiums written$142,111 8.0 %$131,585 $337,720 12.8 %$299,301 Net premiums earned$140,554 11.7 %$125,865 $290,195 12.7 %$257,475 Net loss and LAE incurred(83,475)(73,403)(196,238)(160,103)Acquisition costs(40,900)(40,511)(81,781)(74,090)Other underwriting expenses(4,861)(4,816)(9,658)(10,294)Deposit interest expense, net(124)233 (273)(643)Underwriting income11,194 7,368 2,245 12,345 Net investment income5,629 (42.5)%9,782 11,400 (49.1)%22,398 Income before income taxes$16,823 $17,150 $13,645 $34,743 Underwriting ratios:2025% Point Change20242025% Point Change2024Loss ratio59.4 %1.1 58.3 %67.6 %5.4 62.2 %Acquisition cost ratio29.1 %(3.1)32.2 %28.2 %(0.6)28.8 %Composite ratio88.5 %(2.0)90.5 %95.8 %4.8 91.0 %Underwriting expenses ratio3.5 %(0.1)3.6 %3.4 %(0.8)4.2 %Combined ratio92.0 %(2.1)94.1 %99.2 %4.0 95.2 %

Gross Premiums Written

Gross premiums written by line of business were as follows:

Three months ended June 30Six months ended June 3020252024Change20252024Change