Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 23

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 23
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erves” of the condensed consolidated financial statements for a summary of changes in outstanding loss and LAE reserves and a description of prior period reserve developments. 

Our total loss and LAE recoverable decreased by $3.0 million, or 3.5%, to $82.8 million from $85.8 million at December 31, 2024. See Note 8 “Retrocession” of the condensed consolidated financial statements for a description of the credit risk associated with our retrocessionaires.

Probable Maximum Loss (“PML”)

At October 1, 2025, our estimated largest PML at a 1-in-250-year return period for a single event, and in aggregate, was $129.4 million and $142.2 million, respectively, both relating to the peril of North Atlantic Hurricane, compared to $132.5 million and $145.8 million, respectively, at July 1, 2025. The below table contains the expected modeled loss for each of our peak peril regions and sub-regions for both a single event loss and aggregate loss measures at the 1-in-250-year return period.

October 1, 2025Net 1-in-250 Year Return PeriodPerilSingle Event LossAggregate LossNorth Atlantic Hurricane$129,449 $142,204 Southeast Hurricane102,090 105,365 Gulf of Mexico Hurricane67,131 68,336 Northeast Hurricane76,195 77,690 North America Earthquake113,984 117,540 California Earthquake107,046 108,524        Pacific Northwest Earthquake26,538 26,800 New Madrid Earthquake15,909 16,046 Japan Earthquake33,404 33,914 Japan Windstorm19,062 19,799 Europe Windstorm68,082 72,520 

Debt

During Q3 2025, we amended our credit agreement with CIBC USA to provide us with greater flexibility on the use of debt to finance our operating activities. Accordingly, the outstanding term loans were replaced with a $50 million revolving debt facility. Refer to Note 9 “Debt and Credit Facilities” of the condensed consolidated financial statements for further information.

Our total debt decreased by $26.0 million, or 42.8%, to $34.7 million from $60.7 million at December 31, 2024 due to loan repayments from cash generated by our underwriting operations