Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 78

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 78
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-party pricing vendors.  Accordingly, the interest rates swaps are classified as Level 2 within the fair value hierarchy. These derivative instruments are not designated as accounting hedges under U.S. GAAP.For the years ended December 31, 2024 and 2023, the Company recognized an unrealized loss for the above derivatives of $0.3 million and an unrealized gain of $0.6 million, respectively, which is included in “Interest expense” in the consolidated statements of operations. The unrealized loss / gain is reported as “Net change in unrealized gains and losses on investments and derivatives” in the consolidated statements of cash flows. The derivative liability is included in “Other liabilities” in the consolidated balance sheets. 

F-21

Financial Instruments Disclosed, But Not Carried, at Fair Value

At December 31, 2024, the carrying value of debt and convertible debt securities within “Other Investments” (see Note 4) and the Term Loans approximates their fair values. The Company classifies these financial instruments as Level 2 within the fair value hierarchy. 

7.     LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES 

The Company’s loss and LAE reserves were composed of the following: December 31, 2024December 31, 2023Case reserves$230,633 $189,050 IBNR630,336 472,504 Total$860,969 $661,554 Reserve Roll-forwardThe following provides a reconciliation of the Company’s beginning and ending gross and net reserves for loss and LAE:Year ended December 31, 202420232022Gross balance at January 1$661,554 $555,468 $524,010 Less: Losses recoverable(25,687)(13,239)(11,100)Net balance at January 1635,867 542,229 512,910 Incurred losses related to:     Current year406,465 348,798 316,367   Prior years20,804 11,206 118 Total incurred427,269 360,004 316,485 Paid losses related to:     Current year(63,448)(75,678)(78,517)  Prior years(218,973)(198,613)(198,897)Total paid(282,421)(274,291)(277,414)Foreign exchange and translation adjustment(5,536)7