Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 47

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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$635,879 $663,418 $634,020 $624,458 Denominator for basic and fully diluted book value per share: Ordinary shares issued and outstanding as reported and denominator for basic book value per share34,557,44934,831,32434,832,49335,321,14435,321,144Add: In-the-money stock options (1) and all outstanding RSUs773,938590,001602,013594,612585,334Denominator for fully diluted book value per share 35,331,38735,421,32535,434,50635,915,75635,906,478Basic book value per share$19.30 $18.26 $19.05 $17.95 $17.68 Increase in basic book value per share$1.04 $(0.79)$1.10 $0.27 $0.81 Increase in basic book value per share5.7 %(4.1)%6.1 %1.5 %4.8 %Fully diluted book value per share$18.87 $17.95 $18.72 $17.65 $17.39 Increase in fully diluted book value per share$0.92 $(0.77)$1.07 $0.26 $0.65 Increase in fully diluted book value per share5.1 %(4.1)%6.1 %1.5 %3.9 %

(1) Assuming net exercise by the grantee.

25

Consolidated Results of Operations

The table below summarizes our consolidated operating results.

Three months ended March 3120252024ChangeUnderwriting results:Gross premiums written$247,945 $217,258 $30,687 Net premiums written$219,397 $194,077 $25,320 Net premiums earned$168,463 $161,536 $6,927 Net loss and LAE incurred:Current year(118,666)(103,925)(14,741)Prior year (1)(4,218)(5,401)1,183 Net loss and LAE incurred(122,884)(109,326)(13,558)Acquisition costs(46,866)(41,610)(5,256)Underwriting expenses(6,358)(6