Greenlight Capital Re Terminates Material Agreement
Ticker: GLRE · Form: 8-K · Filed: Apr 18, 2024 · CIK: 1385613
| Field | Detail |
|---|---|
| Company | Greenlight Capital Re, Ltd. (GLRE) |
| Form Type | 8-K |
| Filed Date | Apr 18, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $275,000,000, $275 million, $200 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement-termination, corporate-action
TL;DR
GLRE terminated a big deal, details TBD.
AI Summary
Greenlight Capital Re, Ltd. announced on April 12, 2024, the termination of a material definitive agreement. The filing does not specify the counterparty or the nature of the agreement, but it is a significant event requiring disclosure.
Why It Matters
The termination of a material definitive agreement can signal a significant shift in the company's strategic direction or operational partnerships, potentially impacting its financial performance and future outlook.
Risk Assessment
Risk Level: medium — The termination of a material definitive agreement introduces uncertainty about the company's business relationships and future operations.
Key Players & Entities
- GREENLIGHT CAPITAL RE, LTD. (company) — Registrant
- April 12, 2024 (date) — Date of earliest event reported
- 65 Market Street, Suite 1207, Jasmine Court (location) — Principal executive offices address
FAQ
What specific material definitive agreement was terminated?
The filing does not specify the name or details of the material definitive agreement that was terminated.
Who was the counterparty to the terminated agreement?
The filing does not disclose the identity of the other party involved in the terminated agreement.
What was the effective date of the termination?
The earliest event reported is April 12, 2024, which is the date of the report and likely the date of the termination or announcement.
What are the potential financial implications of this termination for Greenlight Capital Re?
The filing does not provide specific details on the financial implications of the termination.
Does this termination relate to any specific business segment or strategy of Greenlight Capital Re?
The filing does not provide information linking the termination to a specific business segment or strategy.
Filing Stats: 551 words · 2 min read · ~2 pages · Grade level 12.9 · Accepted 2024-04-18 07:06:47
Key Financial Figures
- $275,000,000 — n to terminate its commitment under the $275,000,000 letter of credit facility agreement, be
- $275 million — Registrant that it intends to provide a $275 million facility on an uncommitted basis for th
- $200 million — ) Greenlight Reinsurance entered into a $200 million committed letter of credit facility wit
Filing Documents
- glre-20240412.htm (8-K) — 27KB
- 0001385613-24-000037.txt ( ) — 146KB
- glre-20240412.xsd (EX-101.SCH) — 2KB
- glre-20240412_lab.xml (EX-101.LAB) — 21KB
- glre-20240412_pre.xml (EX-101.PRE) — 12KB
- glre-20240412_htm.xml (XML) — 3KB
02. Termination of a Material Definitive Agreement
Item 1.02. Termination of a Material Definitive Agreement. On April 12, 2024, Greenlight Capital Re, Ltd. (the "Registrant") received written notice (the "Notice") from Citibank Europe plc ("Citi") of its decision to terminate its commitment under the $275,000,000 letter of credit facility agreement, between the Registrant's subsidiary Greenlight Reinsurance, Ltd. ("Greenlight Reinsurance") and Citi, dated August 20, 2010, as amended (the "Facility"). Citi's decision to terminate its commitment under the Facility was made according to either party's right to terminate the Facility without cause if either party delivers a written notice of cancellation to the other party at least 120 days prior to the then effective termination date. Pursuant to the terms of the Facility and the Notice, Citi's commitment under the Facility will terminate on August 20, 2024 (the "Termination Date"). The Registrant does not intend to replace the Facility immediately since: (i) Citi has informed the Registrant that it intends to provide a $275 million facility on an uncommitted basis for the foreseeable future following the Termination Date, and (ii) Greenlight Reinsurance entered into a $200 million committed letter of credit facility with CIBC Bank USA in December 2023, as disclosed in the Registrant's Form 8-K filed on December 27, 2023. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GREENLIGHT CAPITAL RE, LTD. (Registrant) By: /s/ Faramarz Romer Name: Faramarz Romer Title: Chief Financial Officer Date: April 17, 2024