GREENLIGHT CAPITAL RE, LTD.
For the period ended Mar 31, 2025. Filed May 7, 2025.
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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
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Runoff Underwriting Business
The non-renewal of an Innovations-related property business contract resulted in a decrease of $9.9 million to the consolidated net premiums earned for Q1 2025, compared to Q1 2024. The Q1 2025 negative net premiums earned for this run-off business, as reported in the table under Corporate in Note 16 of the condensed consolidated financial statements, reflects an adjustment to our prior premium estimate as reported by the cedent.
For Q1 2025, the property business in runoff generated an underwriting income of $0.1 million, compared to an underwriting loss of $1.7 million in Q1 2024. This included prior year favorable reserve development of $0.1 million and prior year adverse reserve development of $3.9 million, for Q1 2025 and Q1 2024, respectively. Investment income was $0.3 million and $0.5 million, respectively, relating to this runoff business.
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