Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 63

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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2025, compared to $22.6 million during YTD 2024. Solasglas generated a net return of 2.9% for YTD 2025 compared to a net return of 6.4% for YTD 2024.  Additionally, the decrease was due to lower investment income on funds withheld by third party Lloyd’s syndicates and lower interest income earned from restricted cash and cash equivalents mainly due to lower yields as a result of the interest rate cuts by central banks during the second half of 2024.

•Underwriting income: Decreased by $3.4 million due to a 1.0% increase in combined ratio, which was predominantly driven by higher CAT losses and prior year adverse loss development, offset partially by lower acquisition costs ratio.  For further information on CAT losses and prior year loss development, refer to Note 7 - Loss and Loss Adjustment Expense Reserves of the Q2 2025 condensed consolidated financial statements. 

The above was partially offset by the following increase:

•Foreign exchange gains (losses): $10.6 million foreign exchange gains for YTD 2025, compared to $2.6 million foreign exchange losses in YTD 2024, driven mainly by the strengthening of the pound sterling against the U.S. dollar during the first half of 2025.

29

Results by Segment

The following is a discussion and analysis for each reporting segment.

Open Market Segment

Results for the Open Market segment were as follows:

Three months ended June 30Six months ended June 302025% Change20242025% Change2024Gross premiums written$152,333 6.3 %$143,311 $373,042 12.9 %$330,372 Net premiums written$142,111 8.0 %$131,585 $337,720 12.8 %$299,301 Net premiums earned$140,554 11.7 %$125,865 $290,195 12.7 %$257,475 Net loss and LAE incurred(83,475)(73,403)(196,238)(160,103)Acquisition costs(40,900)(40,511)(81,781)(74,090)Other underwriting expenses(4,861)(4,816)(9,658)(10,294)Deposit interest expense, net(124)233 (273)(643)Underwriting income11,194