Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 58

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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1 — Debt instruments0.1 — 0.1 — Total85.3 %(65.6)%76.1 %(43.3)%

The above exposure analysis does not include cash (U.S. dollar and foreign currencies), gold and other commodities, credit default swaps, sovereign debt, foreign currency derivatives, interest rate derivatives, inflation swaps and other macro positions. Under this methodology, a total return swap’s exposure is reported at its full notional amount and options are reported at their delta-adjusted basis. At March 31, 2025, Solasglas’ exposure to gold on a delta-adjusted basis was 10.9% (2024: 10.1%). 

At March 31, 2025, 92.8% of Solasglas’ portfolio was valued based on quoted prices in actively traded markets (Level 1), 5.6% 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 March 31, 2025, 1.6% 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.  There were no new investments in Q1 2025.

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 $10.9 million, or 1.9%, from $584.4 million at December 31, 2024, to $595.3 million at March 31, 2025. 

Reinsurance balances receivable 

Our reinsurance balances receivable increased by $64.2 million, or 9.1%, to $768.7 million from $704.5 million at December 31, 2024. This was driven primarily by $31.4 million increase in premiums receivable, net of collections, and $33.3 million in funds withheld from new and renewed reinsurance treaties.

Loss and LAE Reserves; Loss and LAE Recoverable

Our total gross loss and LAE reserves increased by $55.6 million, or 6.5%, to $916.6 million from $861