GREENLIGHT CAPITAL RE, LTD.
For the period ended Sep 30, 2025. Filed Nov 3, 2025.
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Sep 30, 2025 · Filed Nov 3, 2025
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Runoff Underwriting Business
The non-renewal of an Innovations-related property business contract resulted in a decrease of $3.5 million and $20.9 million to the consolidated net premiums earned for Q3 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 based on updated reporting from the cedent.
For Q3 2025 and YTD 2025, the property business in runoff generated an underwriting loss of $0.6 million and $2.1 million, respectively, compared to an underwriting loss of $2.2 million and $13.3 million in Q3 2024 and YTD 2024, respectively. This included prior year adverse reserve development of $0.6 million and prior year favorable reserve development of $0.4 million for Q3 2025 and Q3 2024, respectively, and prior year adverse reserve development of $2.0 million and $4.4 million for YTD 2025 and YTD 2024, respectively. Investment income relating to this runoff business was $0.1 million and $0.7 million in Q3 2025 and YTD 2025, respectively, compared to $0.5 million and $1.5 million in Q3 2024 and YTD 2024, respectively.
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