Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 5

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 5
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million due to losses related to the devastating California Wildfires in January 2025, which contributed 14.0 combined ratio points in Q1 2025. The combined ratio increased by 6.7 points on higher net premiums earned. Our current year loss ratio increased by 6.1 points due to 8.3 points increase in CAT losses, offset partially by lower attritional loss ratio. Our prior year net reserve development improved by 0.8 points in Q1 2025. For further information on CAT losses and prior year loss development, refer to Note 7 - Loss and Loss Adjustment Expense Reserves of the Q1 2025 condensed consolidated financial statements. 

•Income tax expense: Increased by $0.8 million, or 147.0%, mainly due to an increase in taxable income from our Irish and U.K. subsidiaries driven by better underwriting results and higher investment returns.

Results by Segment

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

Open Market Segment

Results for the Open Market segment were as follows:

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Three months ended March 312025% Change2024Gross premiums written$220,709 18.0 %$187,061 Net premiums written$195,609 16.6 %$167,716 Net premiums earned$149,641 13.7 %$131,610 Net loss and LAE incurred(112,763)(86,700)Acquisition costs(40,881)(33,579)Other underwriting expenses(4,797)(5,478)Deposit interest expense, net(149)(876)Underwriting income (loss)(8,949)4,977 Net investment income5,771 (54.3)%12,616 Income (loss) before income taxes$(3,178)$17,593 Underwriting ratios:2025% Point Change2024Loss ratio75.4 %9.5 %65.9 %Acquisition cost ratio27.3 %1.8 %25.5 %Composite ratio102.7 %11.3 %91.4 %Underwriting expenses ratio3.3 %(1.5)%4.8 %Combined ratio106.0 %9.8 %96.2 %

Gross Premiums Written

Gross premiums written by line of business were as follows:

Three months ended March 3120252024ChangeCasualty$