Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 44

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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, the Company incurred CAT losses of $27.0 million relating to the California wildfires.CAT events in 2024During the six months ended June 30, 2024, the Company incurred CAT losses of $17.7 million driven mainly by the Baltimore Bridge collapse and the U.S. tornadoes (including severe convective storms).Prior Year Reserve DevelopmentThe Company’s net favorable (adverse) prior year development arises from changes to estimates for losses and LAE related to loss events that occurred in previous calendar years. The following table presents net prior year reserve development by segment and consolidated for the respective periods.

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Favorable (Adverse)Open MarketInnovationsTotal SegmentsCorporateTotal ConsolidatedSix months ended June 30, 2025$(3,955)$(1,964)$(5,919)$(1,346)$(7,265)Six months ended June 30, 2024$(1,533)$1,642 $109 $(4,821)$(4,712)Open Market Segment:•The net adverse reserve development for the six months ended June 30, 2025 was composed of $32.0 million of reserve strengthening predominantly on the casualty line (various underwriting years) due to current economic and social inflation trends, in addition to worse than expected loss emergence for the financial line (2021, 2023 and 2024 underwriting years) relating to the transactional liability business, and for the multiline business (2023-2024 underwriting years) relating to the commercial auto business. This was partially offset by $28.0 million of favorable reserve development on property (mostly 2024 underwriting year) and specialty lines (mostly 2022-2024 underwriting years) due to better than expected loss emergence.•The net adverse reserve development for the six months ended June 30, 2024 was composed of $10.1 million of reserve strengthening predominantly on the casualty line (various underwriting years) due to current economic and social inflation trends. This was partially offset by $8.5 million of favorable reserve development predominantly on financial line (various underwriting years), multiline business (predominantly 2021-2022 underwriting years), and specialty line (mostly 2021-2022 underwriting years) due to better than expected loss emergence.Innovations Segment:•The net adverse reserve development for the six months ended June 30, 2025 was composed of $2.