Greenlight Capital Re, Ltd. Files 8-K for Definitive Agreement

TL;DR

GLRE signed a big deal, expect financial shifts.

AI Summary

On December 17, 2024, Greenlight Capital Re, Ltd. entered into a material definitive agreement. This filing also details the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. The report includes financial statements and exhibits related to these events.

Why It Matters

This 8-K filing indicates Greenlight Capital Re, Ltd. has entered into a significant new agreement, potentially impacting its financial obligations and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating new financial obligations can introduce new risks or alter existing ones for a company.

Key Players & Entities

• GREENLIGHT CAPITAL RE, LTD. (company) — Registrant
• December 17, 2024 (date) — Date of earliest event reported
• Cayman Islands (location) — Jurisdiction of incorporation
• 65 Market Street, Suite 1207, Jasmine Court, P.O. Box 31110, Camana Bay, Grand Cayman, Cayman Islands KY1-1205 (address) — Principal executive offices

FAQ

Key Financial Figures

• $100,000,000 — C Facility"), in an aggregate amount of $100,000,000. The HSBC LC Facility may be terminat
• $275,000,000 — Greenlight entered into an uncommitted $275,000,000 letter of credit facility (the "Uncommi

Filing Documents

• glre-20241217.htm (8-K) — 36KB
• 0001385613-24-000125.txt ( ) — 156KB
• glre-20241217.xsd (EX-101.SCH) — 2KB
• glre-20241217_lab.xml (EX-101.LAB) — 21KB
• glre-20241217_pre.xml (EX-101.PRE) — 12KB
• glre-20241217_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement Greenlight Reinsurance, Ltd. ("Greenlight"), a direct subsidiary of Greenlight Capital Re, Ltd.(the "Company"), entered into two letter of credit facility arrangements further described below to support the continued growth of Greenlight's reinsurance business. HSBC LOC On December 17, 2024, Greenlight entered into a Continuing Letter of Credit Agreement (the "HSBC Letter of Credit Agreement") with HSBC Bank USA, National Association ("HSBC"). The HSBC Letter of Credit Agreement provides for an uncommitted letter of credit facility (the "HSBC LC Facility"), in an aggregate amount of $100,000,000. The HSBC LC Facility may be terminated at any time by either Greenlight or HSBC upon written notice. The termination of the HSBC LC Facility shall not terminate any letters of credit outstanding at the time of such termination. The obligations of Greenlight with respect to the HSBC LC Facility are secured by a first-priority lien on a cash collateral account held with HSBC Continental Europe, with a minimum cash balance equal to the aggregate exposure of HSBC with respect to any issued and outstanding letters of credit determined in accordance with the terms of the HSBC Letter of Credit Agreement. The HSBC Letter of Credit Agreement contains customary conditions, representations and warranties and covenants. Citibank LOC On December 19, 2024, Greenlight entered into an uncommitted $275,000,000 letter of credit facility (the "Uncommitted Citibank LC Facility") with Citibank Europe plc ("Citibank") and an amendment and restatement agreement (the "Citibank Amendment and Restatement"), which amends and restates Greenlight's existing master agreement with Citibank dated August 20, 2010 (the "Existing Citibank Master Agreement", as amended and restated pursuant to the Citibank Amendment and Restatement, the "Citibank Master Agreement"). The Uncommitted Citibank LC Facility is intended to replace that certain

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description of Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 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: December 20, 2024

View Full Filing

View this 8-K filing on SEC EDGAR