Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 139

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 139
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%2,522 3.5 %7,030 21.2 %(15.0)%(64.1)%Multiline51,669 59.8 %44,533 62.1 %19,080 57.5 %16.0 %133.4 %Specialty8,335 9.6 %6,306 8.7 %2,529 7.6 %32.2 %149.3 %Total$86,352 100.0 %$71,769 100.0 %$33,184 100.0 %20.3 %116.3 %

Net premiums earned in 2024 increased by $14.6 million or 20.3%, compared to 2023. Further, net premiums earned in 2023 increased by $38.6 million or 116.3%, compared to 2022. The increase in net premiums 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.  

Loss ratio

The components of the loss ratio were as follows:

Year ended December 31,2024% Point Change2023% Point Change2022Current year:  Attritional loss ratio60.5 %(1.4)%61.9 %0.2 %61.7 %  CAT losses— %— %— %— %— %Current year loss ratio60.5 %(1.4)%61.9 %0.2 %61.7 %Prior year reserve development ratio(0.3)%(0.9)%0.6 %(7.4)%8.0 %Loss ratio60.1 %(2.4)%62.5 %(7.3)%69.8 %

Current Year Loss Ratio

The current year loss ratio in 2024 decreased by 1.4%, compared to 2023 driven mainly by modest lower attritional loss ratio in our casualty, multiline and specialty lines due to new business; offset predominantly by a 2023 quota share reinsurance program in financial lines, which we did not renew but continued to earn premiums in 2024.

The current year loss ratio