Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 50

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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Three months ended March 312025% Change2024Gross premiums written$220,709 18.0 %$187,061 Net premiums written$195,609 16.6 %$167,716 Net premiums earned$149,641 13.7 %$131,610 Net loss and LAE incurred(112,763)(86,700)Acquisition costs(40,881)(33,579)Other underwriting expenses(4,797)(5,478)Deposit interest expense, net(149)(876)Underwriting income (loss)(8,949)4,977 Net investment income5,771 (54.3)%12,616 Income (loss) before income taxes$(3,178)$17,593 Underwriting ratios:2025% Point Change2024Loss ratio75.4 %9.5 %65.9 %Acquisition cost ratio27.3 %1.8 %25.5 %Composite ratio102.7 %11.3 %91.4 %Underwriting expenses ratio3.3 %(1.5)%4.8 %Combined ratio106.0 %9.8 %96.2 %

Gross Premiums Written

Gross premiums written by line of business were as follows:

Three months ended March 3120252024ChangeCasualty$29,724 13.5 %$18,944 10.1 %$10,780 Financial24,064 10.9 %21,007 11.2 %3,057 Health197 0.1 %215 0.1 %(18)Multiline66,334 30.1 %55,916 29.9 %10,418 Property30,039 13.6 %27,047 14.5 %2,992 Specialty70,351 31.9 %63,932 34.2 %6,419 Total$220,709 100.0 %$187,061 100.0 %$33,648 

Gross premiums written within our Open Market segment in Q1 2025 increased by $33.6 million or 18.0%, compared to Q1 2024.  The increase was predominantly attributable to the following lines of business:

•Casualty: the