Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 785

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 1A
Chunk 785
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0 %$95,371 15.0 %$246,637 43.8 %United Kingdom176,336 25.3 192,699 30.3 — — Cayman Islands361,263 51.7 348,740 54.7 316,534 56.2 $698,335 100.0 %$636,810 100.0 %$563,171 100.0 %

18.     STATUTORY REQUIREMENTS 

The Company’s reinsurance operations are subject to insurance laws and regulations in the jurisdictions in which they operate, principally in the Cayman Islands and in Ireland.  Additionally, the Company’s Syndicate 3456 is regulated by Lloyd’s.  These regulations include certain restrictions on the amount of dividends or other distribution, such as loans or cash advances, available to shareholders without prior approval of the respective regulatory authorities.The statutory capital and surplus and required minimum statutory capital and surplus of the Company’s most significant regulated reinsurance operations are detailed below:Cayman IslandsIrelandAt December 31,2024202320242023Statutory capital and surplus603,095 $569,044 64,677 58,721 Required statutory capital surplus307,875 256,586 39,759 39,367 Excess statutory capital295,220 $312,458 24,918 $19,354 The statutory net income for the Company’s most significant regulated reinsurance operations were as follows:Greenlight ReGRILYear ended December 31, 2024$47,360 $4,368 Year ended December 31, 2023$85,464 $11,479 Year ended December 31, 2022$32,290 $4,612 Cayman IslandsGreenlight Re is subject to the Cayman Islands’ Insurance (Capital and Solvency) (Classes B, C, and D Insurers) Regulations, (2018 Revision) (the “Insurance Regulations”). Under this Insurance Regulations, Greenlight Re is required to maintain minimum statutory capital and surplus equal to the greater of: a) the Minimum Capital Requirement of $50.0 million and b) the Prescribed Capital Requirement (“PCR”) as defined in the Insurance Regulations.Greenlight Re is not required to prepare statutory financial statements for filing with CIMA.  There were no material differences between Greenlight Re’s GAAP capital