Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 70

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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% was driven by reduced quota share retrocessional activity within our specialty multiline and property business due to lower inward premiums. This was partially offset mainly by additional excess of loss retrocessional coverage to manage our overall exposure to aviation, marine and energy risks within our specialty line.

Net Premiums Earned

Net premiums earned by line of business were as follows:

32

Three months ended September 30Nine months ended September 3020252024Change20252024ChangeCasualty$20,055 14 %$21,781 17 %$(1,726)$72,078 17 %$66,718 14 %$5,360 Financial17,351 12 %14,212 11 %3,139 46,972 11 %45,520 9 %1,452 Health75 — %50 — %25 163 — %158 — %5 Multiline52,909 37 %49,694 39 %3,215 152,271 35 %149,212 31 %3,059 Property15,738 11 %11,682 9 %4,056 48,047 11 %36,308 8 %11,739 Specialty38,299 27 %29,158 23 %9,141 115,091 26 %86,136 18 %28,955 Total$144,427 100 %$126,577 100 %$17,850 $434,622 100 %$384,052 100 %$50,570 

Net premiums earned within our Open Market segment in Q3 2025 increased by $17.9 million or 14.1%, compared to Q3 2024 and by $50.6 million or 13.2% for YTD 2025, compared to YTD 2024. The change is influenced by the amount and timing of net premiums written during the current year and prior years, coupled with the business mix written in the form of excess of loss versus proportional contracts. Additionally, within the financial line and certain specialty line classes, the gross premiums written for some treaties are earned over multiple years, corresponding with the anticipated risk coverage period.

Loss ratio

The components of the loss ratio for our Open Market segment were as follows:

Three months ended September