Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 75

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 75
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 decrease of $7.5 million and $17.4 million to the consolidated net premiums earned for Q2 2025 and YTD 2025, respectively, compared to the same periods in 2024. The negative net premiums earned for this run-off business in 2025, as reported in the table under Corporate in Note 16 of the condensed consolidated financial statements, reflects an adjustment to our prior premium estimate as reported by the cedent.

For Q2 2025 and YTD 2025, the property business in runoff generated an underwriting loss of $1.6 million and $1.5 million, respectively, compared to an underwriting loss of $9.3 million and $11.1 million in Q2 2024 and YTD 2024, respectively.  This included prior year adverse reserve development of $1.5 million and $0.9 million for Q2 2025 and Q2 2024, respectively, and prior year adverse reserve development of $1.3 million and $4.8 million for YTD 2025 and YTD 2024, respectively. Investment income relating to this runoff business was $0.3 million and $0.6 million in Q2 2025 and YTD 2025, respectively, compared to $0.5 million and $1.0 million in Q2 2024 and YTD 2024, respectively.

Income from Investment in Solasglas

For Q2 2025 and YTD 2025, Solasglas reported a net loss of 4.0% and a net gain of 2.9%, respectively, compared to a net gain of 1.2% and 6.4% for Q2 2024 and YTD 2024, respectively.  The following table provides a breakdown of the gross and net investment return for Solasglas.

Three months ended June 30Six months ended June 302025202420252024Long portfolio gains (losses)1.2 %(1.0)%(0.2)%3.4 %Short portfolio gains (losses)(8.9)1.6 (4.2)1.7 Macro gains (losses)3.5 0.9 8.2 2.9 Other income and expenses(1)(0.2)(0.2)(0.6)(0.9)Gross investment return (loss)(4.