Greenlight Capital Re Q3 2024 Update

TL;DR

GLRE Q3 2024 10-Q is in. Financials look steady, check the details.

AI Summary

Greenlight Capital Re, Ltd. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and business segments are presented, reflecting the company's ongoing activities in the insurance sector.

Why It Matters

This filing provides investors with a quarterly update on Greenlight Capital Re's financial health and operational performance, crucial for assessing investment value.

Risk Assessment

Risk Level: medium — As a publicly traded company in the insurance sector, Greenlight Capital Re faces inherent market and regulatory risks that can impact its financial stability.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 2024-11-04 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• GREENLIGHT CAPITAL RE, LTD. (company) — Filer
• 20240930 (date) — Period of Report
• 20241104 (date) — Filed as of Date

FAQ

Key Financial Figures

• $0.10 — st practicable date. Ordinary Shares, $0.10 par value 34,832,493 (Class) Outstandi

Filing Documents

• glre-20240930.htm (10-Q) — 1651KB
• glre-20240930exhibit311.htm (EX-31.1) — 12KB
• glre-20240930exhibit312.htm (EX-31.2) — 13KB
• glre-20240930exhibit321.htm (EX-32.1) — 5KB
• glre-20240930exhibit322.htm (EX-32.2) — 5KB
• 0001385613-24-000113.txt ( ) — 8369KB
• glre-20240930.xsd (EX-101.SCH) — 56KB
• glre-20240930_cal.xml (EX-101.CAL) — 86KB
• glre-20240930_def.xml (EX-101.DEF) — 247KB
• glre-20240930_lab.xml (EX-101.LAB) — 672KB
• glre-20240930_pre.xml (EX-101.PRE) — 473KB
• glre-20240930_htm.xml (XML) — 1364KB

— 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 September 30, 2024 (unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 44

SIGNATURES

SIGNATURES 44 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 September 30, 2024 (unaudited) and December 31, 2023 (expressed in thousands of U.S. dollars, except per share and share amounts) September 30, 2024 December 31, 2023 Assets Investments Investment in related party investment fund, at fair value $ 397,888 $ 258,890 Other investments 73,559 73,293 Total investments 471,447 332,183 Cash and cash equivalents 54,642 51,082 Restricted cash and cash equivalents 567,091 604,648 Reinsurance balances receivable (net of allowance for expected credit losses of 2024: $ 865 and 2023: $ 854 ) 718,719 619,401 Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses of 2024: $ 700 and 2023: $ 487 ) 65,947 25,687 Deferred acquisition costs 82,206 79,956 Unearned premiums ceded 35,270 17,261 Other assets 6,364 5,089 Total assets $ 2,001,686 $ 1,735,307 Liabilities and equity Liabilities Loss and loss adjustment expense reserves $ 811,152 $ 661,554 Unearned premium reserves 347,103 306,310 Reinsurance balances payable 88,152 68,983 Funds withheld 20,788 17,289 Other liabilities 8,491 11,795 Debt 62,582 73,281 Total liabilities 1,338,268 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, 34,832,493 ) (2023: par value $ 0.10 ; issued and outstanding, 35,336,732 ) 3,483 3,534 Additional paid-in capital 481,672 484,532 Retained earnings 178,263 108,029 Total shareholders' equity 663,418 596,095 Total liabilities and equity $ 2,001,686 $ 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 thr

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