Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 1

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 1
---
4:

•Gross premiums written was $247.9 million, an increase of 14.1%;

•Net premiums earned was $168.5 million, an increase of 4.3%;

•Net underwriting loss was $7.8 million, compared to a net underwriting income of $3.4 million;

•Current year CAT losses, net of reinsurance, were $27.0 million, compared to $12.4 million; the related reinstatement premiums were $3.4 million, compared to $2.8 million.

•Adverse prior year loss development was $4.2 million, compared to $5.4 million; 

•Total investment income was $40.5 million, an increase of $9.1 million (including 7.2% net return from our investment in Solasglas, compared to net return of 5.2%); and

•Diluted EPS was $0.86, compared to $0.78.

Fully diluted book value per share was $18.87 at March 31, 2025, an increase of 5.1% since December 31, 2024. See  “Key Financial Measures and Non-GAAP Measures” section of this MD&A.

Outlook and Trends

Reinsurance market conditions

Throughout Q1 2025 and into the active April 1 renewal period, we continue to see increased competition from existing and new reinsurance markets, predominantly in our Open Market segment. This is putting pressure on headline rates across various classes; however, attachment points and other terms & conditions are largely holding firm. We believe that market conditions are still broadly, but not uniformly, positive. We have recently adjusted our risk appetite to take a more cautious stance toward the casualty business in our Open Market segment. We will continue to write business where we believe we are being adequately compensated for the risk. 

General economic conditions

There are many factors contributing to an uncertain global economic outlook, and in particular, we believe that inflationary trends of recent years could persist. We continue to consider the potential impact of relevant economic factors on our underwriting portfolio. On the investment side, DME Advisors regularly monitors and re-positions Solasglas’ investment portfolio to manage the impact of inflation on its underlying investments and holds macro positions to benefit from a rising inflationary environment. DME Advisors pivoted during Q1 2025 from conservatively positioned to bearish. It lowered Solasglas’ gross and net exposure and added