The reinsurance segment, comprising 34% of the company’s gross written premiums, reported a 43.7% increase in gross written premiums to US$70.0 million, from US$48.7 million a year earlier. Net premiums earned increased to US$24.9 million from US$16.8 million. Underwriting income rose to US$10.4 million, compared to US$6.8 million in the first quarter of 2024. The result was driven by the higher level of net premiums earned, partially offset by increased net loss and loss adjustment expenses, including catastrophe losses.