By Michael Jones

May 8 - (The Insurer) - Greenlight Re reported a 6.7 percentage point year-on-year deterioration in its combined ratio to 104.6% for the first quarter of 2025 in its earnings announcement on Wednesday.

The reinsurer's CEO Greg Richardson said that the California wildfires contributed 14 combined ratio points in the quarter, which it said was in line with the preliminary loss estimates it previously disclosed.

Greenlight Re's net underwriting loss of $7.8 million was down on the $3.4 million in net underwriting income from the prior year.

Gross written premiums increased 14.1% on the prior year period to $247.9 million, while net earned premiums were up 4.3% to $168.5 million.

Net income of $29.6 million in Q1 2025 was up on the prior year period's $27 million. This income was equivalent to $0.86 per diluted ordinary share in Q1 2025, up on the prior year period's $0.78 per diluted ordinary share.

The increase in net income was supported by a $9.1 million year-on-year increase in total investment income to $40.5 million for the first quarter of 2025.

Greenlight Re disclosed that its fully diluted book value per share increased 5.1% to $18.87 from $17.95 at December 31, 2024.