GREENLIGHT CAPITAL RE, LTD.
For the period ended Mar 31, 2025. Filed May 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Innovations Segment
Results for the Innovations segment were as follows:
| 2025 · % Change · 2024 | |||||
|---|---|---|---|---|---|
| Gross premiums written | $27,466 | (8.7)% | $30,068 | ||
| Net premiums written | $23,971 | (8.7)% | $26,244 | ||
| Net premiums earned | $19,005 | (5.9)% | $20,197 | ||
| Net loss and LAE incurred | (10,346) | (13,127) | |||
| Acquisition costs | (6,033) | (6,053) | |||
| Other underwriting expenses | (1,561) | (861) | |||
| Underwriting income (loss) | 1,065 | 156 | |||
| Net investment income | 448 | (344.8)% | (183) | ||
| Corporate and other expenses | (572) | (3.1)% | (590) | ||
| Income (loss) before income taxes | $941 | $(617) | |||
| Underwriting ratios: | 2025 | % Point Change | 2024 | ||
| Loss ratio | 54.4% | (10.6)% | 65.0% | ||
| Acquisition cost ratio | 31.7% | 1.7% | 30.0% | ||
| Composite ratio | 86.1% | (8.9)% | 95.0% | ||
| Underwriting expenses ratio | 8.2% | 3.9% | 4.3% | ||
| Combined ratio | 94.3% | (5.0)% | 99.3% | ||
Gross Premiums Written
Gross premiums written by line of business were as follows:
| 2025 · 2024 · Change | |||||
|---|---|---|---|---|---|
| Casualty | $6,685 | 24.3% | $4,455 | 14.8% | $2,230 |
| Financial | 1,784 | 6.5% | (204) | (0.7)% | 1,988 |
| Health | 3,635 | 13.2% | 1,532 | 5.1% | 2,103 |
| Multiline | 14,704 | 53.5% | 22,212 | 73.9% | (7,508) |
| Specialty | 658 | 2.4% | 2,073 | 6.9% | (1,415) |
| Total | $27,466 | 100.0% | $30,068 | 100.0% | $(2,602) |
Gross premiums written within our Innovations segment in Q1 2025 decreased by $2.6 million or 8.7%, compared to Q1 2024. The decrease was predominantly attributable to lower premiums from our Syndicate 3456 included in the multiline business. The decrease in Specialty line was predominantly due to the cancellation of a quota share reinsurance program, resulting in the return of premiums previously recognized (a corresponding adjustment was also made for the incurred losses).
The above was partially offset by growth from quota share treaties during 2024 within our casualty, financial and health lines. The negative premiums written for the financial line in Q1 2024 was due to a revised premium estimate for a prior year quota share reinsurance treaty.
Net Premiums Written
Ceded premiums written in Q1 2025 was $3.5 million, resulting in net premiums written of $24.0 million, compared to $3.8 million and $26.2 million, respectively, in Q1 2024. The decrease was driven mainly from one retrocession casualty program not renewed, offset partially by a new whole-account retrocession program in which we have ceded 28% of new Innovations-related business written.
Net Premiums Earned
Net premiums earned by line of business were as follows:
| 2025 · 2024 · Change | |||||
|---|---|---|---|---|---|
| Casualty | $5,669 | 29.8% | $4,920 | 16.4% | $749 |
| Financial | 1,042 | 5.5% | (583) | (1.9)% | 1,625 |
| Health | 1,373 | 7.2% | 597 | 2.0% | 776 |
| Multiline | 12,024 | 63.3% | 13,333 | 44.3% | (1,309) |
| Specialty | (1,103) | (5.8)% | 1,930 | 6.4% | (3,033) |
| Total | $19,005 | 100.0% | $20,197 | 100.0% | $(1,192) |
Net premiums earned in Q1 2025 decreased by $1,192 or 5.9%, compared to Q1 2024. The change relates to the amount and timing of net premiums written during the current year and prior years.
Loss ratio
The components of the loss ratio were as follows:
| 2025 | % Point Change | 2024 | |
|---|---|---|---|
| Current year: | |||
| Attritional loss ratio | 57.4% | (7.6)% | 65.0% |
| CAT losses | —% | —% | —% |
| Current year loss ratio | 57.4% | (7.6)% | 65.0% |
| Prior year reserve development ratio | (3.0)% | (3.0)% | —% |
| Loss ratio | 54.4% | (10.6)% | 65.0% |
Current Year Loss Ratio
The current year loss ratio in Q1 2025 decreased by 7.6 points, compared to Q1 2024 driven mainly by improved loss performance in our Syndicate 3456 results in the multiline business.
The Innovations segment was not impacted by any CAT events for the periods presented in the above table.
Prior Year Reserve Development Ratio
Prior year favorable reserve development ratio of 3.0% contributed to the reduction in loss ratio in Q1 2025 compared to Q1 2024. Refer to Note 7 Lossand LAE Reserves to the condensed consolidated financial statements for further details on the lines of business and prior year development.
Acquisition cost ratio
The acquisition cost ratio increased by 1.7% to 31.7% in Q1 2025 compared to Q1 2024. The increase was predominantly driven by new business with higher acquisition costs within financial and specialty lines. Additionally, the acquisition cost ratio increased due to higher acquisition costs relating to new 2025 programs for Syndicate 3456.
Underwriting expense ratio
The underwriting expense ratio increased by 3.9 points to 8.2% in Q1 2025 compared to Q1 2024, primarily attributable to additional personnel costs relating to the Innovations segment.
Income before income taxes
The income before income taxes for the Innovations segment was $0.9 million in Q1 2025, compared to loss before income taxes of $0.6 million in Q1 2024. The increase was mainly due to an increase in underwriting income and net investment income.
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