Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 82

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 82
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glas’ portfolio was valued based on quoted prices in actively traded markets (Level 1), 6.5% was composed of instruments valued based on observable inputs other than quoted prices (Level 2), and a nominal amount was composed of instruments valued based on non-observable inputs (Level 3). At September 30, 2025, 1.5% of Solasglas’ portfolio consisted of private equity funds valued using the funds’ net asset values as a practical expedient. 

Other Investments

The other investment holdings relate to private investments made by the Innovations segment. The decrease of $10.0 million to $63.2 million from December 31, 2024 was predominantly due to net investment loss of $11.7 million, partially offset by $2.7 million of new investments during YTD 2025.

40

Restricted cash and cash equivalents 

We use our restricted cash and cash equivalents primarily for funding trusts and letters of credit issued to our ceding insurers. Our restricted cash increased by $2.0 million, or 0.3%, from $584.4 million at December 31, 2024, to $586.4 million at September 30, 2025. 

Reinsurance balances receivable 

Our reinsurance balances receivable increased by $27.2 million, or 3.9%, to $731.7 million from $704.5 million at December 31, 2024. This was driven primarily by $57.5 million increase in premiums held by Lloyds’ syndicates; partially offset by $24.3 million net reduction in funds held by cedents and $10.9 million net release of Funds at Lloyds. 

Loss and LAE Reserves; Loss and LAE Recoverable

Our total gross loss and LAE reserves increased by $77.3 million, or 9.0%, to $938.3 million from $861.0 million at December 31, 2024, driven by the growth in earned premium from the renewal of reinsurance treaties and new business, along with an increase in foreign currency translation. This was offset partially by paid losses and a decrease in the overall loss ratio for YTD 2025. See Note 7 “Loss and Loss Adjustment Expense Reserves” of the condensed consolidated financial statements for a summary of changes in outstanding loss and LAE reserves and a description of prior period reserve developments. 

Our total loss and LAE recoverable