GREENLIGHT CAPITAL RE, LTD.
For the period ended Jun 30, 2025. Filed Aug 4, 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.
Jun 30, 2025 · Filed Aug 4, 2025
GLRE$16.08-1.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0001385613-25-000058
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsBusiness OverviewOutlook and TrendsKey Financial Measures and Non-GAAP MeasuresConsolidated Results of OperationsResults by SegmentOpen Market SegmentInnovations SegmentRunoff Underwriting BusinessIncome from Investment in SolasglasFinancial ConditionLiquidity and Capital ResourcesLiquidityCapital ResourcesCritical Accounting EstimatesRecent Accounting PronouncementsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-04.
0001385613-25-000079
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsBusiness OverviewOutlook and TrendsKey Financial Measures and Non-GAAP MeasuresConsolidated Results of OperationsResults by SegmentOpen Market SegmentInnovations SegmentRunoff Underwriting BusinessIncome from Investment in SolasglasFinancial ConditionLiquidity and Capital ResourcesLiquidityCapital ResourcesCritical Accounting EstimatesRecent Accounting PronouncementsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 154 previous paragraphs and 191 current paragraphs.
89 unchanged; 48 reworded; 51 added; 17 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 18 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (51)
Current report
•Gross premiums written was $179.6 million, an increase of 6.3%;
Current report
•Net premiums earned was $161.6 million, an increase of 2.0%;
Current report
•Current period CAT losses were nil, compared to $7.7 million;
Current report
•Prior year adverse loss development was $3.0 million, compared to prior year favorable loss development of $0.7 million;
Current report
During 2025, we have updated the definition of CAT event loss to be any individual CAT event loss to us of $5 million or more, net of reinsurance recoveries. For the various U.S. tornadoes (including severe convective storms), we have aggregated these and reported the total as CAT loss. Accordingly, we have recast the prior year CAT loss disclosures in this Form 10-Q to conform with this change. Starting with Q2 2025, we have also disclosed separately incurred losses from large events, if any, which is defined as any individual event loss in excess of $1 million but less than $5 million.
Current report
•Investment income: Our investment in Solasglas reported a loss of $18.3 million during Q2 2025, compared to a gain of $4.3 million during Q2 2024. Solasglas generated a net loss of 4.0% for Q2 2025 compared to a net return of 1.2% for Q2 2024.
Current report
•Underwriting income: Increased by $7.8 million, driven by 4.9 points improvement in combined ratio due to no CAT losses and 2.9 points decrease in acquisition cost ratio. This was offset partially by an increase in prior year adverse loss development. For further information on CAT losses and prior year loss development, refer to Note 7 -Loss and Loss Adjustment Expense Reserves of the Q2 2025 condensed consolidated financial statements.
Current report
Consolidated Results of Operations for YTD 2025 compared to YTD 2024
Current report
For the six months ended June 30, 2025 (“YTD 2025”), net income decreased by $5.0 million to $30.0 million, compared to the six months ended June 30, 2024 (“YTD 2024”) driven mainly by the following:
Current report
Gross premiums written within our Open Market segment in Q2 2025 increased by $9.0 million or 6.3%, compared to Q2 2024. The increase was predominantly attributable to the following line of business:
Current report
•Casualty: The 27.4% decrease was mainly due to the non-renewal of certain reinsurance programs in our general liability class and multiline casualty class as part of our strategy to reduce our exposure to our casualty line of business.
Current report
•Property: The 25.6% decrease was mainly due to negative revision to our estimated ultimate gross premiums for a 2024 quota share reinsurance treaty, compared to Q2 2024. Additionally, we experienced rate reductions on certain renewed excess of loss property treaties, coupled with select decreases in line size compared to the prior year. This was partially offset by new excess of loss business.
Current report
Gross premiums written within our Open Market segment in YTD 2025 increased by $42.7 million or 12.9%, compared to YTD 2024. The increase was predominantly attributable to the following lines of business:
Current report
•Multiline: The 29.6% increase was driven by the same factors noted for Q2 2025.
Current report
•Property: The 6.3% decrease was mainly driven by the same factors noted for Q2 2025, partially offset by growth in our property catastrophe class due to reinstatement premiums relating to the California wildfire and new accounts.
Current report
Ceded premiums written in Q2 2025 was $10.2 million, resulting in net premiums written of $142.1 million, compared to $11.7 million and $131.6 million, respectively, in Q2 2024. The decrease in ceded premiums written of 12.8% was driven by a decrease in quota share retrocession within our property line due to the non-renewal of the inward 2023 quota share reinsurance treaty as previously noted, offset partially by an increase in quota share retrocession due to growth from inward aviation and M&E business.
Current report
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.
Current report
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.
Current report
The acquisition cost ratio decreased by 3.1 points in Q2 2025 compared to Q2 2024, primarily due to a decrease in acquisition cost ratio for our financial and multiline business, partially offset by an increase in acquisition cost ratio for our specialty line, predominantly driven by growth in quota share reinsurance treaties at higher acquisition cost ratio than for excess of loss treaties.
Current report
The key drivers for the improved acquisition cost ratio relating to the financial and multiline business were:
Current report
•Financial: Driven by our transactional liability business due to lower profit commission as a result of adverse loss reserve development in the current quarter. Additionally, the acquisition cost ratio for the mortgage business was higher in Q2 2024 due to an increase in profit commission on prior years’ treaties.
Current report
•Multiline: Driven predominantly from our FAL business, where in Q2 2024 we had increased our previously estimated acquisition costs for certain 2023 and 2024 FAL business based on updated reporting received; whereas there were minor revisions in Q2 2025.
Current report
The acquisition cost ratio increased by 0.6 points in YTD 2025 compared to YTD 2024, primarily due to the change in business mix, coupled with improved acquisition cost ratio for the financial line for the same reason as noted for Q2 2025. This was partially offset by an increase in acquisition cost ratio for our specialty line predominantly driven by growth in quota share reinsurance treaties, which have a higher acquisition cost ratio than for excess of loss treaties.
Current report
The underwriting expense ratio decreased by 0.1 points to 3.5% in Q2 2025 compared to Q2 2024, mainly due to an increase in net premiums earned in the Open Market segment.
Current report
Income before income taxes for the Open Market segment was $13.6 million for YTD 2025, compared to $34.7 million for YTD 2024. The decrease was mainly due to the lower investment income, as noted for Q2 2025, and lower underwriting income predominantly due to higher CAT loss relating to California wildfires in 2025.
Current report
Gross premiums written within our Innovations segment in Q2 2025 increased by $2.3 million or 9.0%, compared to Q2 2024. The increase was predominantly attributable to the following lines of business:
Current report
•Multiline: The 36.8% increase was driven mostly by premium growth from our Syndicate 3456.
Current report
•Health: The 181.7% increase was mainly due to revised ultimate estimated premium written on certain legacy treaties, coupled with growth from 2024 quota share treaties and new business.
Current report
•Specialty: The 58.6% increase was predominantly from new quota share treaties bound in 2024.
Current report
•Casualty: The 37.5% decrease was mainly due to the non-renewal of a reinsurance program and a decrease in the line size of another quota share reinsurance treaty.
Current report
Gross premiums written within our Innovations segment in YTD 2025 decreased by $0.3 million or 0.6%, compared to YTD 2024. The decrease was predominantly attributable to the following lines of business:
Current report
•Multiline: The 13.7% decrease was driven mostly by lower premiums from our Syndicate 3456 and non-renewal of certain multiline quota share treaties with general liability exposure.
Current report
•Casualty: The 10.5% decrease was due to the same explanation as for Q2 2025.
Current report
•Health: The 181.7% increase was due to the same explanation as for Q2 2025.
Current report
•Financial: The 61.4% increase is predominantly from growth of existing programs.
Showing the first 40 of 51 passages. Open the source sections for the rest.
Removed paragraphs (17)
Previous report
•Gross premiums written was $247.9 million, an increase of 14.1%;
Previous report
•Net premiums earned was $168.5 million, an increase of 4.3%;
Previous report
•Current year CAT losses, net of reinsurance, were $27.0 million, compared to $12.4 million; the related reinstatement premiums were $3.4 million, compared to $2.8 million.
Previous report
•Adverse prior year loss development was $4.2 million, compared to $5.4 million;
Previous report
•Income tax expense: Increased by $0.8 million, or 147.0%, mainly due to an increase in taxable income from our Irish and U.K. subsidiaries driven by better underwriting results and higher investment returns.
Previous report
Gross premiums written within our Open Market segment in Q1 2025 increased by $33.6 million or 18.0%, compared to Q1 2024. The increase was predominantly attributable to the following lines of business:
Previous report
•Casualty: the 56.9% increase was mainly due to the growth in general liability quota share reinsurance contracts incepting in 2024, with premiums continued to be written in Q1 2025.
Previous report
The acquisition cost ratio increased by 1.8 points in Q1 2025 compared to Q1 2024, primarily due to an increase in acquisition costs from the FAL business included in our multiline business, driven by higher fixed acquisition costs from new syndicate-in-a-box programs. This was partially offset by the lower acquisition costs ratio resulting from the change in business mix.
Previous report
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).
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
The cash used in our financing activities relates to the quarterly installment for the outstanding Term Loans.
Reworded paragraphs (48)
Previous wording
The following is management’s discussion and analysis (“MD&A”) of our results of operations for the three months ended March 31, 2025 and 2024 (herein referred as “Q1 2025” and “Q1 2024”, respectively) and the Company’s financial condition at March 31, 2025 and December 31, 2024.
Current wording
The following is management’s discussion and analysis (“MD&A”) of our results of operations for the three and six months ended June 30, 2025 and 2024 and the Company’s financial condition at June 30, 2025 and December 31, 2024.
Previous wording
For Q1 2025, we earned a net income of $29.6 million, an increase of $2.6 million over Q1 2024, principally due to strong performance from our investment in Solasglas, despite negative and volatile market conditions. Favorable foreign exchange movement also contributed to the higher net income in Q1 2025, which was offset partially by underwriting loss and lower investment-related income from Lloyd’s syndicates compared to Q1 2024.
Current wording
For the three months ended June 30, 2025 (“Q2 2025”), we earned a net income of $0.3 million, a decrease of $7.6 million over the three months ended June 30, 2024 (“Q2 2024”), principally due to an investment loss from Solasglas in Q2 2025 compared to an investment gain in Q2 2024. This was partially offset by stronger underwriting performance and favorable foreign exchange movement.
Previous wording
•Net underwriting loss was $7.8 million, compared to a net underwriting income of $3.4 million;
Current wording
•Net underwriting income was $8.1 million, compared to a net underwriting income of $0.3 million;
Previous wording
•Total investment income was $40.5 million, an increase of $9.1 million (including 7.2% net return from our investment in Solasglas, compared to net return of 5.2%); and
Current wording
•Total investment loss was $7.8 million, compared to total investment income of $15.3 million (including 4.0% net loss from our investment in Solasglas, compared to net return of 1.2%); and
Previous wording
Fully diluted book value per share was $18.87 at March 31, 2025, an increase of 5.1% since December 31, 2024. See “Key Financial Measures and Non-GAAP Measures” section of this MD&A.
Current wording
Fully diluted book value per share was $18.97 at June 30, 2025, an increase of 5.7% since December 31, 2024. See “Key Financial Measures and Non-GAAP Measures” section of this MD&A.
Previous wording
Throughout Q1 2025 and into the active April 1 renewal period, we continue to see increased competition from existing and new reinsurance markets, predominantly in our Open Market segment. This is putting pressure on headline rates across various classes; however, attachment points and other terms & conditions are largely holding firm. We believe that market conditions are still broadly, but not uniformly, positive. We have recently adjusted our risk appetite to take a more cautious stance toward the casualty business in our Open Market segment. We will continue to write business where we believe we are being adequately compensated for the risk.
Current wording
We continue to see increased competition from existing and new reinsurance markets, predominantly in our Open Market segment. This is putting pressure on headline rates across various classes; however, attachment points and other terms & conditions are largely holding firm. We remain attentive to the extent of softening market conditions, particularly in light of the industry losses in the specialty market and the approaching peak of the North Atlantic hurricane season. Our focus remains on maintaining a diversified portfolio that is resilient to market supply-demand pressures.
Previous wording
There are many factors contributing to an uncertain global economic outlook, and in particular, we believe that inflationary trends of recent years could persist. We continue to consider the potential impact of relevant economic factors on our underwriting portfolio. On the investment side, DME Advisors regularly monitors and re-positions Solasglas’ investment portfolio to manage the impact of inflation on its underlying investments and holds macro positions to benefit from a rising inflationary environment. DME Advisors pivoted during Q1 2025 from conservatively positioned to bearish. It lowered Solasglas’ gross and net exposure and added additional market hedges for tail protection.
Current wording
There are many factors contributing to an uncertain global economic outlook, and in particular, we believe that inflationary trends of recent years could persist. We continue to consider the potential impact of relevant economic factors on our underwriting portfolio. On the investment side, DME Advisors regularly monitors and re-positions Solasglas’ investment portfolio to manage the impact of inflation on its underlying investments and holds macro positions to benefit from a rising inflationary environment. DME Advisors pivoted during Q1 2025 from conservatively positioned to bearish and continued to maintain that position during Q2 2025. It lowered Solasglas’ gross and net exposure and added additional market hedges for tail protection.
Previous wording
1 The net financial impact associated with changes in the estimate of losses incurred in prior years, which incorporates earned reinstatement premiums assumed and ceded, adjustments to assumed and ceded acquisition costs, and deposit interest income and expense, was a loss of $3.5 million and $5.4 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
1 The net financial impact associated with changes in the estimate of losses incurred in prior years, which incorporates earned reinstatement premiums assumed and ceded, adjustments to assumed and ceded acquisition costs, and deposit interest income and expense, was a loss of $2.6 million and $0.4 million for the three months ended June 30, 2025 and 2024, respectively, and a loss of $6.1 million and $5.8 million for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
For Q1 2025, net income increased by $2.6 million to $29.6 million, compared to Q1 2024 driven mainly by the following:
Current wording
For Q2 2025, net income decreased by $7.6 million to $0.3 million, compared to Q2 2024, driven mainly by the following:
Previous wording
The above was partially offset by:
Current wording
The above was partially offset by the following:
Previous wording
•Foreign exchange gains (losses): $4.4 million foreign exchange gains for Q1 2025, compared to $1.6 million foreign exchange losses in Q1 2024, driven mainly by the strengthening of the pound sterling against the U.S. dollar in Q1 2025.
Current wording
•Foreign exchange gains (losses): $6.3 million gain for Q2 2025, compared to $0.9 million foreign exchange loss in Q2 2024, driven mainly by the strengthening of the pound sterling against the U.S. dollar in Q2 2025.
Previous wording
Basic book value per share increased by $1.04 per share, or 5.7%, to $19.30 per share from $18.26 per share at December 31, 2024. Fully diluted book value per share increased by $0.92 per share, or 5.1%, to $18.87 per share from $17.95 per share at December 31, 2024.
Current wording
Basic book value per share increased by $1.14 per share, or 5.9%, to $19.40 per share from $18.26 per share at December 31, 2024. Fully diluted book value per share increased by $1.02 per share, or 5.7%, to $18.97 per share from $17.95 per share at December 31, 2024.
Previous wording
•Investment income: Increased by $9.1 million primarily driven by our investment in Solasglas, which reported a gain of $32.2 million during Q1 2025, compared to $18.2 million during Q1 2024. Solasglas generated a net return of 7.2% for Q1 2025 compared to a net return of 5.2% for Q1 2024. This was partially offset by lower investment income on funds withheld by third party Lloyd’s syndicates and lower interest income earned from restricted cash and cash equivalents mainly due to lower yields as a result of the interest rate cuts by central banks during 2024.
Current wording
•Investment income: Decreased by $14.0 million primarily driven by our investment in Solasglas, which reported a gain of $13.9 million during YTD 2025, compared to $22.6 million during YTD 2024. Solasglas generated a net return of 2.9% for YTD 2025 compared to a net return of 6.4% for YTD 2024. Additionally, the decrease was due to lower investment income on funds withheld by third party Lloyd’s syndicates and lower interest income earned from restricted cash and cash equivalents mainly due to lower yields as a result of the interest rate cuts by central banks during the second half of 2024.
Previous wording
•Underwriting income: Decreased by $11.2 million due to losses related to the devastating California Wildfires in January 2025, which contributed 14.0 combined ratio points in Q1 2025. The combined ratio increased by 6.7 points on higher net premiums earned. Our current year loss ratio increased by 6.1 points due to 8.3 points increase in CAT losses, offset partially by lower attritional loss ratio. Our prior year net reserve development improved by 0.8 points in Q1 2025. For further information on CAT losses and prior year loss development, refer to Note 7 -Loss and Loss Adjustment Expense Reserves of the Q1 2025 condensed consolidated financial statements.
Current wording
•Underwriting income: Decreased by $3.4 million due to a 1.0% increase in combined ratio, which was predominantly driven by higher CAT losses and prior year adverse loss development, offset partially by lower acquisition costs ratio. For further information on CAT losses and prior year loss development, refer to Note 7 -Loss and Loss Adjustment Expense Reserves of the Q2 2025 condensed consolidated financial statements.
Previous wording
The following is a further discussion and analysis for each reporting segment.
Current wording
The following is a discussion and analysis for each reporting segment.
Previous wording
•Multiline: the 18.6% increase was predominantly driven by new FAL business; partially offset by non-renewed business in our commercial auto class.
Current wording
•Multiline: The 46.6% increase was driven mostly by growth in our current FAL business bound during Q1 2025, coupled with lower negative revision to our estimated ultimate gross premiums for certain 2023 and 2024 FAL treaties than in Q2 2024. This growth was partially offset by non-renewed business in our commercial auto class and multiline commercial class.
Previous wording
•Specialty: the 10.0% increase was mainly driven by growth from 2024 quota share reinsurance treaties in our aviation class, in addition to new business and increased lines in our whole account marine and energy (M&E) class. This was partially offset by non-renewed business in our space and war, political violence, and terrorism (WPVT) classes.
Current wording
•Specialty: The 9.8% increase was mainly driven by growth from 2024 quota share reinsurance treaties and new excess loss treaties in our aviation class, in addition to new business and increased lines in our whole account marine and energy (M&E) class. This was partially offset by non-renewed business in our space class and war, political violence, and terrorism (WPVT) class, coupled with negative premium revision on a cyber treaty bound in 2023.
Previous wording
Ceded premiums written in Q1 2025 was $25.1 million, resulting in net premiums written of $195.6 million, compared to $19.3 million and $167.7 million, respectively, in Q1 2024. The increase in ceded premiums written of 29.7% was primarily within our specialty line driven mainly by additional excess of loss retrocessional coverage to manage our overall exposure to aviation and M&E business, coupled with an increase in quota share retrocession due to growth from inward aviation and M&E business. This was partially offset by a decrease in quota share retrocession within our property line due to a decrease from inward property business.
Current wording
Ceded premiums written in YTD 2025 was $35.3 million, resulting in net premiums written of $337.7 million, compared to $31.1 million and $299.3 million, respectively, in YTD 2024. The increase in ceded premiums written of 10.4% was primarily within our specialty line driven mainly by additional excess of loss retrocessional coverage to manage our overall exposure to aviation and M&E business, coupled with an increase in quota share retrocession due to growth from inward aviation and M&E business. This was partially offset by a decrease in quota share retrocession within our property line as noted for Q2 2025.
Previous wording
Net premiums earned within our Open Market segment in Q1 2025 increased by $18.0 million or 13.7%, compared to Q1 2024. The change is 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. Additionally, within the financial line and certain specialty line classes, the gross premiums written are earned over multiple years, corresponding with the anticipated risk coverage period.
Current wording
Net premiums earned within our Open Market segment in Q2 2025 increased by $14.7 million or 11.7%, compared to Q2 2024 and by $32.7 million or 12.7% for YTD 2025, compared to YTD 2024. The change is 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. Additionally, within the financial line and certain specialty line classes, the gross premiums written are earned over multiple years, corresponding with the anticipated risk coverage period.
Previous wording
The Q1 2025 current year loss ratio increased by 7.3%, compared to Q1 2024 mainly due to the increase in CAT losses, offset partially by a 1.3% reduction in attritional loss ratio. In Q1 2025, we incurred $27.0 million of CAT losses relating to the California wildfires, compared to $12.4 million of CAT losses in Q1 2024 predominantly due to the Baltimore bridge loss.
Current wording
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.
Previous wording
The reduction in attritional loss ratio was driven by the change in business mix, particularly a decrease in earned premiums from our multiline business at higher attritional loss ratio and an increase in property and specialty lines at lower attritional loss ratio. This was partially offset by an increase in attritional loss ratio on our casualty line in response to current economic and social inflation trends.
Current wording
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.
Previous wording
Prior year reserve development ratio increased by 2.2% in Q1 2025 compared to Q1 2024. Refer to Note 7 Loss and LAE Reserves to the condensed consolidated financial statements for further details on the lines of business and prior year development.
Current wording
Open Market segment’s prior year reserve development ratio decreased by 0.7 points in Q2 2025 compared to Q2 2024 and increased by 0.8 point in YTD 2025 compared to YTD 2024. Refer to Note 7 Loss and LAE Reserves to the condensed consolidated financial statements for further details.
Previous wording
The underwriting expense ratio decreased by 1.5 points to 3.3% in Q1 2025 compared to Q1 2024, mainly due to an increase in net premiums earned, coupled with lower stock compensation expense attributable to the Open Market segment. Additionally, interest expense from deposit contracts was 0.4% point lower in Q1 2025 compared to Q1 2024.
Current wording
The underwriting expense ratio decreased by 0.8 points to 3.4% in YTD 2025 compared to YTD 2024, mainly due to an increase in net premiums earned, coupled with lower stock compensation expense attributable to the Open Market segment. Additionally, interest expense from deposit contracts was lower in Q2 2025 compared to Q2 2024.
Previous wording
Loss before income taxes for the Open Market segment was $3.2 million for Q1 2025, compared to income before income taxes of $17.6 million for Q1 2024. This change was driven predominantly by higher CAT losses related to the California wildfires, coupled with lower investment income on funds withheld by third party Lloyd’s syndicates and lower interest income earned from restricted cash and cash equivalents mainly as a result of the interest rate cuts by central banks during 2024.
Current wording
Income before income taxes for the Open Market segment was $16.8 million for Q2 2025, compared to $17.2 million for Q2 2024. The decrease was driven predominantly by lower investment income on funds withheld by third party Lloyd’s syndicates and lower interest income earned from restricted cash and cash equivalents mainly as a result of the interest rate cuts by central banks during the second half of 2024. This was partially offset by improved underwriting results in the current quarter.
Previous wording
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.
Current wording
Ceded premiums written in Q2 2025 was $4.9 million, resulting in net premiums written of $22.7 million, compared to $3.1 million and $22.2 million, respectively, in Q2 2024. The increase in ceded premiums written was predominantly driven by the new whole-account retrocession program in which we have ceded 28% of Innovations-related programs incepting Q4 2024 onwards.
Previous wording
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.
Current wording
Net premiums earned in Q2 2025 decreased by $4.0 million or 15.6%, compared to Q2 2024. Net premiums earned in YTD 2025 decreased by $5.2 million or 11.3%, compared to YTD 2024. The change relates to the amount and timing of net premiums written during the current year and prior years.
Previous wording
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.
Current wording
The current year loss ratio in YTD 2025 decreased by 3.9 points, compared to YTD 2024 driven mainly by improved loss performance in our Syndicate 3456 results in the multiline business, partially offset mainly by the increase in attritional loss ratio in the financial line as noted for Q2 2025.
Previous wording
The Innovations segment was not impacted by any CAT events for the periods presented in the above table.
Current wording
The Innovations segment was not impacted by any CAT or large events for the periods presented in the above table.
Previous wording
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.
Current wording
The non-renewal of an Innovations-related property business contract resulted in a decrease of $7.5 million and $17.4 million to the consolidated net premiums earned for Q2 2025 and YTD 2025, respectively, compared to the same periods in 2024. The negative net premiums earned for this run-off business in 2025, 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.
Previous wording
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.
Current wording
For Q2 2025 and YTD 2025, the property business in runoff generated an underwriting loss of $1.6 million and $1.5 million, respectively, compared to an underwriting loss of $9.3 million and $11.1 million in Q2 2024 and YTD 2024, respectively. This included prior year adverse reserve development of $1.5 million and $0.9 million for Q2 2025 and Q2 2024, respectively, and prior year adverse reserve development of $1.3 million and $4.8 million for YTD 2025 and YTD 2024, respectively. Investment income relating to this runoff business was $0.3 million and $0.6 million in Q2 2025 and YTD 2025, respectively, compared to $0.5 million and $1.0 million in Q2 2024 and YTD 2024, respectively.
Previous wording
For Q1 2025, Solasglas reported a net gain of 7.2%, compared to a net gain of 5.2% for Q1 2024. The following table provides a breakdown of the gross and net investment return for Solasglas.
Current wording
For Q2 2025 and YTD 2025, Solasglas reported a net loss of 4.0% and a net gain of 2.9%, respectively, compared to a net gain of 1.2% and 6.4% for Q2 2024 and YTD 2024, respectively. The following table provides a breakdown of the gross and net investment return for Solasglas.
Previous wording
For Q1 2024, the significant contributors to Solasglas’ investment return were long positions in Green Brick Partners (GRBK), Tenet Healthcare (THC), and an S&P 500 / U.S. interest rate derivative position. The largest detractors were long positions in PENN, CONSOL Energy (CEIX), and a single-name short position.
Current wording
For Q2 2025, the significant contributors to Solasglas’ investment return were long positions in gold and Kyndryl Holdings (KD) and a short position in the S&P 500 index. The largest detractors were three single-name short positions.
Previous wording
For Q1 2025, the significant contributors to Solasglas’ investment return were long positions in gold, Brighthouse Financial (BHF), and Lanxess (Germany: LXS). The largest detractors were long positions in Core Natural Resources (CNR), PENN Entertainment (PENN), and a single-name short position.
Current wording
For YTD 2025, the significant contributors to Solasglas’ investment return were the same as for Q2 2025. The largest detractors were a long position in Core Natural Resources (CNR) and two single-name short positions.
Previous wording
At March 31, 2025, our total investments increased by $48.3 million, or 10.5%, to $508.6 million from December 31, 2024. The increase was primarily driven by $16.0 million of net contributions into Solasglas, coupled with the net investment return for Q1 2025.
Current wording
At June 30, 2025, our total investments increased by $77.0 million, or 16.7%, to $537.3 million from December 31, 2024. The increase was primarily driven by $60.2 million of net contributions into Solasglas, coupled with the net investment return for YTD 2025.
Previous wording
The above exposure analysis does not include cash (U.S. dollar and foreign currencies), gold and other commodities, credit default swaps, sovereign debt, foreign currency derivatives, interest rate derivatives, inflation swaps and other macro positions. Under this methodology, a total return swap’s exposure is reported at its full notional amount and options are reported at their delta-adjusted basis. At March 31, 2025, Solasglas’ exposure to gold on a delta-adjusted basis was 10.9% (2024: 10.1%).
Current wording
The above exposure analysis does not include cash (U.S. dollar and foreign currencies), gold and other commodities, credit default swaps, sovereign debt, foreign currency derivatives, interest rate derivatives, inflation swaps and other macro positions. Under this methodology, a total return swap’s exposure is reported at its full notional amount and options are reported at their delta-adjusted basis. At June 30, 2025, Solasglas’ exposure to gold on a delta-adjusted basis was 11.2% (December 31, 2024: 10.1%).
Previous wording
At March 31, 2025, 92.8% of Solasglas’ portfolio was valued based on quoted prices in actively traded markets (Level 1), 5.6% was composed of instruments valued based on observable inputs other than quoted prices (Level 2), and a nominal amount was composed of instruments valued based on non-observable inputs (Level 3). At March 31, 2025, 1.6% of Solasglas’ portfolio consisted of private equity funds valued using the funds’ net asset values as a practical expedient.
Current wording
At June 30, 2025, 94.5% of Solasglas’ portfolio was valued based on quoted prices in actively traded markets (Level 1), 4.0% was composed of instruments valued based on observable inputs other than quoted prices (Level 2), and a nominal amount was composed of instruments valued based on non-observable inputs (Level 3). At June 30, 2025, 1.5% of Solasglas’ portfolio consisted of private equity funds valued using the funds’ net asset values as a practical expedient.
Previous wording
The other investment holdings relate to private investments made by the Innovations segment. There were no new investments in Q1 2025.
Current wording
The other investment holdings relate to private investments made by the Innovations segment. We made five new investments and increased our investment in one position during YTD 2025, for a total of $2.7 million. For YTD 2024, we invested $0.4 million.
Previous wording
We use our restricted cash and cash equivalents primarily for funding trusts and letters of credit issued to our ceding insurers. Our restricted cash increased by $10.9 million, or 1.9%, from $584.4 million at December 31, 2024, to $595.3 million at March 31, 2025.
Current wording
We use our restricted cash and cash equivalents primarily for funding trusts and letters of credit issued to our ceding insurers. Our restricted cash decreased by $7.7 million, or 1.3%, from $584.4 million at December 31, 2024, to $576.7 million at June 30, 2025.
Previous wording
Our reinsurance balances receivable increased by $64.2 million, or 9.1%, to $768.7 million from $704.5 million at December 31, 2024. This was driven primarily by $31.4 million increase in premiums receivable, net of collections, and $33.3 million in funds withheld from new and renewed reinsurance treaties.
Current wording
Our reinsurance balances receivable increased by $50.8 million, or 7.2%, to $755.3 million from $704.5 million at December 31, 2024. This was driven primarily by $20.3 million increase in premiums receivable, net of collections, and $29.3 million in funds withheld from new and renewed reinsurance treaties.
Previous wording
Our total gross loss and LAE reserves increased by $55.6 million, or 6.5%, to $916.6 million from $861.0 million at December 31, 2024, driven by the increase in earned premium from the renewal of reinsurance treaties and new business, coupled with an increase in the overall loss ratio. This was offset partially by paid losses during Q1 2025. See Note 7 “Loss and Loss Adjustment Expense Reserves” of the condensed consolidated financial statements for a summary of changes in outstanding loss and LAE reserves and a description of prior period loss developments.
Current wording
Our total gross loss and LAE reserves increased by $84.0 million, or 9.8%, to $945.0 million from $861.0 million at December 31, 2024, driven by the increase in earned premium from the renewal of reinsurance treaties and new business, an increase in foreign currency translation, and an increase in the overall loss ratio for YTD 2025. This was offset partially by paid losses during YTD 2025. See Note 7 “Loss and Loss Adjustment Expense Reserves” of the condensed consolidated financial statements for a summary of changes in outstanding loss and LAE reserves and a description of prior period loss developments.
Showing the first 40 of 48 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Basic book value per share increased by $0.10 per share, or 0.5%, to $19.40 per share from $19.30 per share at March 31, 2025. Fully diluted book value per share increased by $0.10 per share, or 0.5%, to $18.97 per share from $18.87 per share at March 31, 2025.
Current report — wording carried from elsewhere
The above was partially offset by the following increase:
Current report — wording carried from elsewhere
•Foreign exchange gains (losses): $10.6 million foreign exchange gains for YTD 2025, compared to $2.6 million foreign exchange losses in YTD 2024, driven mainly by the strengthening of the pound sterling against the U.S. dollar during the first half of 2025.