Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 11

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 11
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 4.4 %2.4 %(0.7)3.1 %  CAT event loss ratio— %— — %9.3 %5.4 3.9 %Current year loss ratio60.1 %1.8 58.3 %66.3 %4.6 61.6 %Prior year reserve development ratio(0.7)%(0.7)— %1.4 %0.8 0.6 %Loss ratio59.4 %1.1 58.3 %67.6 %5.4 62.2 %

Current Year Loss Ratio

Q2 2025 vs Q2 2024

The Q2 2025 current year loss ratio increased by 1.8 points, compared to Q2 2024 driven mainly by an increase in attritional loss ratio, driven predominantly by our casualty line in response to current economic and social inflation trends. Additionally, there was an increase in attritional loss ratio in our financial line in response to poor performance relating to transactional liability business.

For Q2 2025, large event loss was driven mostly by the Air India crash in India, and YTD 2025 included losses from the American Airlines crash in Washington and the Moss Landing Power Plant fire in California. For Q2 2024, large event loss was predominantly from the Taiwan Earthquake and the Mexico-state owned oil platform fire.  In addition to these, the YTD 2024 large event loss included satellite failures.

YTD 2025 vs YTD 2024

The YTD 2025 current year loss ratio increased by 4.6 points, compared to YTD 2024, mainly due to 5.4 points increase in CAT losses, offset partially by 0.1 point reduction in attritional loss ratio.  For YTD 2025, we incurred $27.0 million of CAT losses relating to the California wildfires, compared to $10.0 million of CAT losses, net of reinsurance, in YTD 2024 due to the Baltimore bridge loss.

The reduction in attritional loss ratio was driven by higher earned premiums on our property and specialty business at lower attritional loss ratio in YTD 2025 compared to YTD 2024, offset partially by the increase in attritional loss ratio on our casualty line for the same reason as noted for Q2 2025