Greenlight Capital Re, Ltd. Files Q2 2024 10-Q

TL;DR

**GLRE Q2 2024 10-Q filed. Financials look steady.**

AI Summary

Greenlight Capital Re, Ltd. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and business segment information are presented, reflecting the company's status in the insurance sector.

Why It Matters

This filing provides investors with a detailed look at Greenlight Capital Re's financial health and operational performance during the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not contain immediate, significant negative news.

Key Players & Entities

• GREENLIGHT CAPITAL RE, LTD. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240806 (date) — Filing date

FAQ

Key Financial Figures

• $0.10 — st practicable date. Ordinary Shares, $0.10 par value 35,321,144 (Class) Outstandi

Filing Documents

• glre-20240630.htm (10-Q) — 1620KB
• glre-20240630exhibit311.htm (EX-31.1) — 12KB
• glre-20240630exhibit312.htm (EX-31.2) — 13KB
• glre-20240630exhibit321.htm (EX-32.1) — 5KB
• glre-20240630exhibit322.htm (EX-32.2) — 5KB
• 0001385613-24-000089.txt ( ) — 8214KB
• glre-20240630.xsd (EX-101.SCH) — 55KB
• glre-20240630_cal.xml (EX-101.CAL) — 84KB
• glre-20240630_def.xml (EX-101.DEF) — 240KB
• glre-20240630_lab.xml (EX-101.LAB) — 656KB
• glre-20240630_pre.xml (EX-101.PRE) — 461KB
• glre-20240630_htm.xml (XML) — 1352KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Note on Forward-Looking Statements 3 Item 1.

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 7 Notes to the Condensed Consolidated Financial Statements (unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 41

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 43

SIGNATURES

SIGNATURES 43 2 Return to table of contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION NOTE OF FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (herein referred as "Form 10-Q") of Greenlight Capital Re, Ltd. ("Greenlight Capital Re," "Company," "us," "we," or "our") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical facts included in this report, including statements regarding estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements". We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the United States ("U.S.") federal securities laws established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "project," "predict," "expect," "anticipate," "estimate," "intend," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are not historical facts, and are based on current expectations, estimates and projections, and various assumptions, many of which, are inherently uncertain and beyond management's control. Forward-looking statements contained in this Form 10-Q may include, but are not limited to, information regarding our estimates for catastrophes and weather-related losses (herein referred as "CAT losses"), measurements of potential losses in the fair market value of our investments, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding pricing, and other market and economic conditions i

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS GREENLIGHT CAPITAL RE, LTD. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 (unaudited) and December 31, 2023 (expressed in thousands of U.S. dollars, except per share and share amounts) June 30, 2024 December 31, 2023 Assets Investments Investment in related party investment fund, at fair value $ 351,468 $ 258,890 Other investments 73,159 73,293 Total investments 424,627 332,183 Cash and cash equivalents 52,240 51,082 Restricted cash and cash equivalents 561,930 604,648 Reinsurance balances receivable (net of allowance for expected credit losses of 2024: $ 865 and 2023: $ 854 ) 686,743 619,401 Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses of 2024: $ 701 and 2023: $ 487 ) 58,647 25,687 Deferred acquisition costs 83,305 79,956 Unearned premiums ceded 28,184 17,261 Other assets 4,272 5,089 Total assets $ 1,899,948 $ 1,735,307 Liabilities and equity Liabilities Loss and loss adjustment expense reserves $ 752,757 $ 661,554 Unearned premium reserves 349,015 306,310 Reinsurance balances payable 76,253 68,983 Funds withheld 18,266 17,289 Other liabilities 8,042 11,795 Debt 61,595 73,281 Total liabilities 1,265,928 1,139,212 Commitments and Contingencies (Note 15) Shareholders' equity Preferred share capital (par value $ 0.10 ; none issued) — — Ordinary share capital (par value $ 0.10 ; issued and outstanding, 35,321,144 ) (2023: par value $ 0.10 ; issued and outstanding, 35,336,732 ) 3,532 3,534 Additional paid-in capital 487,462 484,532 Retained earnings 143,026 108,029 Total shareholders' equity 634,020 596,095 Total liabilities and equity $ 1,899,948 $ 1,735,307 The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements. Return to table of contents GREENLIGHT CAPITAL RE, LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) For the three and six

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