Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 109

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 109
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 tax, such tax will not be applicable to GLRE, Greenlight Re nor their respective operations, or to the ordinary shares or related obligations, before January 22, 2045. Verdant is incorporated in Delaware and therefore is subject to taxes in accordance with the U.S. federal rates and regulations prescribed by the U.S. Internal Revenue Service (“IRS”). Verdant’s taxable income is generally expected to be taxed at a marginal rate of 21% (2023: 21% and 2022: 21%). Verdant’s tax years 2019 and beyond remain open and may be subject to examination by the IRS.GRIL and GRIS are incorporated in Ireland and therefore are subject to the Irish corporation tax rate of 12.5% on its trading income and 25% on its non-trading income (same tax rates for 2023 and 2022).Greenlight Re UK and GCM are incorporated in the United Kingdom and therefore are subject to the U.K. corporate tax rate of 25% (2023: 25% and 2022: 19%) on their respective profits.   Deferred Tax AssetsThe following table provides details of the significant components of deferred tax assets: December 31, 2024December 31, 2023Deferred tax assets:Operating and capital loss carryforwards$374 $1,087 Valuation allowance— — Deferred tax assets, net of valuation allowance$374 $1,087 At December 31, 2024, the Company has determined that it is more likely than not that it will fully realize the recorded deferred tax asset in the future based on the expected timing of the reversal of the temporary differences and the likelihood of generating sufficient taxable income to realize the future tax benefit.Tax Loss Carryforwards

At December 31, 2024, GRIL had a net operating loss carryforward of $3.0 million  (2023: $8.7 million) which can be carried forward indefinitely. 

F-45

15.    RELATED PARTY TRANSACTIONS 

Investment Advisory AgreementEach of DME, DME II, and DME Advisors is an affiliate of the Chairman and, therefore, is a related party to the Company.The Company has entered into the Solasglas LPA (as described in Note 3 of the consolidated financial statements). DME II receives a performance allocation equal to (with capitalized terms having the meaning provided under the Solas