Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 36

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 of Collateral(1)A- or better by A.M. Best$84,122 $66,730 $82,181 $63,979 Not rated4,341 1,128 4,109 2,027 Total before provision88,463 $67,858 $86,290 $66,006 Provision for credit losses(500)(500)Total loss and loss adjustment expenses recoverable, net$87,963 $85,790 (1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire.At March 31, 2025, we had 3 reinsurers (December 31, 2024: 3) that accounted for 10% or more of the total loss and loss adjustment expenses recoverable, net of the credit loss provision, for an aggregate gross amount of $49.6 million (December 31, 2024: $49.5 million).

9.      DEBT AND CREDIT FACILITIES

Debt ObligationsThe following table summarizes the Company’s outstanding debt obligations.March 31, 2025December 31, 2024Term loans$59,375 $60,313 Accrued interest payable877 923 Less: deferred financing costs(418)(487)Total debt$59,834 $60,749 During the three months ended March 31, 2025, the Company partially repaid $0.9 million of the outstanding Term loans.Credit FacilitiesAt March 31, 2025, the Company had the following letter of credit (“LC”) facilities:CapacityLCs issuedTermination DateCitibank$275,000 $203,136 December 19, 2025CIBC200,000 116,047 December 31, 2025HSBC $100,000 $— December 17, 2025 $575,000 $319,183 The above LCs issued are cash collateralized (see Note 5). The LC facilities are subject to various customary affirmative, negative and financial covenants.  At March 31, 2025, the Company was in compliance with all LC facilities covenants.

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10.      SHARE CAPITAL

Ordinary SharesThe Company’s authorized share