Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 15

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 15
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 premium written on certain legacy treaties, coupled with growth from 2024 quota share treaties and new business.

•Specialty: The 58.6% increase was predominantly from new quota share treaties bound in 2024.

Offset partially by:

•Casualty: The 37.5% decrease was mainly due to the non-renewal of a reinsurance program and a decrease in the line size of another quota share reinsurance treaty.

34

Gross premiums written within our Innovations segment in YTD 2025 decreased by $0.3 million or 0.6%, compared to YTD 2024. The decrease was predominantly attributable to the following lines of business:

•Multiline: The 13.7% decrease was driven mostly by lower premiums from our Syndicate 3456 and non-renewal of certain multiline quota share treaties with general liability exposure.

•Casualty: The 10.5% decrease was due to the same explanation as for Q2 2025.

The decrease was offset partially by:

•Health: The 181.7% increase was due to the same explanation as for Q2 2025.

•Financial: The 61.4% increase is predominantly from growth of existing programs.

Net Premiums Written

Ceded premiums written in Q2 2025 was $4.9 million, resulting in net premiums written of $22.7 million, compared to $3.1 million and $22.2 million, respectively, in Q2 2024. The increase in ceded premiums written was predominantly driven by the new whole-account retrocession program in which we have ceded 28% of Innovations-related programs incepting Q4 2024 onwards.

Ceded premiums written in YTD 2025 was $8.4 million, resulting in net premiums written of $46.7 million, compared to $6.9 million and $48.5 million, respectively, in YTD 2024. The increase in ceded premiums written was driven mainly by the whole-account retrocession program noted for Q2 2025, coupled with an increase in quota share retrocessions due to growth from inward health and specialty business.

Net Premiums Earned

Net premiums earned by line of business were as follows:

Three months ended June 30Six months ended June 3020252024Change20252024ChangeCasualty$5,228 24 %$4,953 20 %$275 10,