Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 47

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 development for the above periods relate predominantly to CAT losses driven by the U.S. tornados (2021-2023 underwriting years).

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8.      RETROCESSION 

The following table provides a breakdown of ceded reinsurance:Three months ended September 30Nine months ended September 302025202420252024Gross ceded premiums$21,695 $26,598 $65,344 $64,611 Earned ceded premiums$22,181 $19,512 $58,782 $46,603 Loss and loss adjustment expenses ceded (1)$(2,546)$10,070 $13,116 $47,919 (1) For the three months ended September 30, 2025, the negative balance reflects the reversal of previously recognized estimated loss recoverable due to the decrease in loss ratio for certain inward quota share reinsurance.Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company. The following table shows a breakdown of reinsurance recoverable on unpaid losses and loss adjustment expenses, on a gross and net of collateral basis:September 30, 2025December 31, 2024 GrossNet of Collateral(1)GrossNet of Collateral(1)A- or better by A.M. Best$79,843 $71,695 $82,181 $63,979 Not rated3,440 326 4,109 2,027 Total before provision$83,283 $72,021 $86,290 $66,006 Provision for credit losses(500)(500)Total reinsurance recoverable, net$82,783 $85,790 (1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire.At September 30, 2025, we had 4 reinsurers (December 31, 2024: 3) that accounted for 10% or more of the total reinsurance recoverable, net of the credit loss provision, for an aggregate gross amount of $62.1 million (December 31, 2024: $49.5 million).

9.      DEBT AND CREDIT