Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 13

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 13
---
 contracts was lower in Q2 2025 compared to Q2 2024.

Income (loss) before income taxes

Income before income taxes for the Open Market segment was $16.8 million for Q2 2025, compared to $17.2 million for Q2 2024. The decrease was driven predominantly by lower investment income on funds withheld by third party Lloyd’s syndicates and lower interest income earned from restricted cash and cash equivalents mainly as a result of the interest rate cuts by central banks during the second half of 2024. This was partially offset by improved underwriting results in the current quarter.

Income before income taxes for the Open Market segment was $13.6 million for YTD 2025, compared to $34.7 million for YTD 2024. The decrease was mainly due to the lower investment income, as noted for Q2 2025, and lower underwriting income predominantly due to higher CAT loss relating to California wildfires in 2025. 

33

Innovations Segment

Results for the Innovations segment were as follows:

Three months ended June 30Six months ended June 302025% Change20242025% Change2024Gross premiums written$27,596 9.0 %$25,319 $55,062 (0.6)%$55,387 Net premiums written$22,716 2.3 %$22,212 $46,687 (3.7)%$48,456 Net premiums earned$21,386 (15.6)%$25,348 $40,391 (11.3)%$45,545 Net loss and LAE incurred(15,244)(13,634)(25,590)(26,761)Acquisition costs(6,012)(8,406)(12,045)(14,459)Other underwriting expenses(1,620)(995)(3,181)(1,856)Underwriting income (loss)(1,490)2,313 (425)2,469 Net investment income431 17.8 %366 879 380.3 %183 Corporate and other expenses(602)(25.7)%(810)(1,174)(16.1)%(1,400)Income (loss) before income taxes$(1,661)$1,869 $(720)$1,252 Underwriting ratios:2025% Point Change20242025% Point Change202