Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 19

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 19
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 which the fair value was based on observable price changes in orderly transactions; and

•$0.7 million of realized gain on a partial sale relating to one of the above two holdings.

For YTD 2025, the Innovations segment reported a net investment loss $10.4 million, compared to net investment income of $0.4 million in YTD 2024. The decrease in investment performance was due to the same reasons noted above.

Our top five holdings accounted for 54% of the total carrying value of our Innovations portfolio at September 30, 2025 (70% at December 31, 2024).

Income (loss) before income taxes

The loss before income taxes for the Innovations segment was $11.3 million and $12.0 million in Q3 2025 and YTD 2025, respectively, compared to income before income taxes of $1.1 million and $2.3 million in Q3 2024 and YTD 2024, respectively. The performance in 2025 was predominantly due to the net investment loss from the Innovations private equity portfolio and, to a lesser extent, lower underwriting income.

Other Corporate

Runoff Underwriting Business

The non-renewal of an Innovations-related property business contract resulted in a decrease of $3.5 million and $20.9 million to the consolidated net premiums earned for Q3 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 

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condensed consolidated financial statements, reflects an adjustment to our prior premium estimate based on updated reporting from the cedent.

For Q3 2025 and YTD 2025, the property business in runoff generated an underwriting loss of $0.6 million and $2.1 million, respectively, compared to an underwriting loss of $2.2 million and $13.3 million in Q3 2024 and YTD 2024, respectively. This included prior year adverse reserve development of $0.6 million and prior year favorable reserve development of $0.4 million for Q3 2025 and Q3 2024, respectively, and prior year adverse reserve development of $2.0 million and $4.4 million for YTD 2025 and YTD 2024, respectively. Investment income