Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 517

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 1A
Chunk 517
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 share retrocessions due to growth from inward property business.

Net Premiums Earned

Net premiums earned by line of business were as follows:

% Change 2024202320222024 to 20232023 to 2022Casualty$89,213 17.4 %$82,365 17.6 %$78,160 19.0 %8.3 %5.4 %Financial56,903 11.1 %56,195 12.0 %56,952 13.9 %1.3 %(1.3)%Health217 — %224 — %5,507 1.3 %(3.1)%(95.9)%Multiline191,849 37.5 %205,573 44.0 %196,974 47.9 %(6.7)%4.4 %Property49,262 9.6 %35,853 7.8 %20,781 5.1 %37.4 %72.5 %Specialty124,477 24.4 %86,541 18.6 %52,503 12.8 %43.8 %64.8 %Total$511,921 100.0 %$466,751 100.0 %$410,877 100.0 %9.7 %13.6 %

Net premiums earned in 2024 increased by $45.2 million or 9.7%, compared to 2023. Further, net premiums earned in 2023 increased by $55.9 million or 13.6%, compared to 2022. The increase (decrease) in net premiums earned by line of business is relatively consistent with the trends noted for the gross premiums written. The change is also 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 were as follows:

57

Year ended December 31,2024% Point Change2023% Point Change2022Current year:  Attritional loss ratio56.8 %4.6