Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 7

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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 from inward property business.

Net Premiums Earned

Net premiums earned by line of business were as follows:

Three months ended March 3120252024ChangeCasualty$27,343 18.3 %$23,309 12.5 %$4,034 Financial14,315 9.6 %16,156 8.6 %(1,841)Health45 — %54 — %(9)Multiline53,722 35.9 %55,260 29.5 %(1,538)Property18,506 12.4 %11,649 6.2 %6,857 Specialty35,710 23.9 %25,182 13.5 %10,528 Total$149,641 100.0 %$131,610 100.0 %$18,031 

Net premiums earned within our Open Market segment in Q1 2025 increased by $18.0 million or 13.7%, compared to Q1 2024. The change is influenced by the amount and timing of net premiums written during the current year and prior years, coupled with the business mix written in the form of excess of loss versus proportional contracts. Additionally, within the financial line and certain specialty line classes, the gross premiums written are earned over multiple years, corresponding with the anticipated risk coverage period.

Loss ratio

The components of the loss ratio for our Open Market segment were as follows:

Three months ended March 312025% Point Change2024Current year:  Attritional loss ratio54.0 %(1.3)%55.3 %  CAT losses18.1 %8.6 %9.4 %Current year loss ratio72.1 %7.3 %64.8 %Prior year reserve development ratio3.3 %2.2 %1.1 %Loss ratio75.4 %9.5 %65.9 %

Current Year Loss Ratio

The Q1 2025 current year loss ratio increased by 7.3%, compared to Q1 2024 mainly due to the increase in CAT losses, offset partially by a 1.3% reduction in attritional loss ratio.  In Q1 2025, we incurred $27.0 million of CAT losses relating to the California wildfires, compared to $12.4 million of CAT