Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 26

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 26
---

GREENLIGHT CAPITAL RE, LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED) 

For the three months ended March 31, 2025 and 2024 

(expressed in thousands of U.S. dollars, except per share and share amounts)

Three months ended March 31 20252024Revenues Gross premiums written$247,945 $217,258 Gross premiums ceded(28,548)(23,181)Net premiums written219,397 194,077 Change in net unearned premium reserves(50,934)(32,541)Net premiums earned168,463 161,536 Income from investment in related party investment fund (net of related party expenses - Note 3) 32,197 18,248 Net investment income8,287 13,178 Foreign exchange gains (losses)4,355 (1,649)Total revenues213,302 191,313 ExpensesNet loss and loss adjustment expenses incurred122,884 109,326 Acquisition costs46,866 41,610 Underwriting expenses6,358 6,339 Corporate and other expenses4,672 4,375 Deposit interest expense149 876 Interest expense1,464 1,249 Total expenses182,393 163,775 Income before income tax30,909 27,538 Income tax expense(1,282)(519)Net income$29,627 $27,019 Earnings per share ("EPS"):  Basic$0.87 $0.79   Diluted$0.86 $0.78 Weighted average number of ordinary shares used in the determination of EPS:  Basic33,949,967 34,272,230   Diluted34,418,262 34,653,381 

The accompanying Notes to the Condensed Consolidated Financial Statements are an

 integral part of the Condensed Consolidated Financial Statements.  

5

Return to table of contents

GREENLIGHT CAPITAL RE, LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(UNAUDITED)

 For the three months ended March 31, 2025 and 2024 

(expressed in thousands of U.S. dollars)

Three months ended March 3120252024Ordinary share capitalBalance - beginning of period$