Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 231

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 231
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 in which the service condition is no longer a requirement for vesting (see Note 11); and•$1.6 million grant date fair value of performance restricted shares to be granted in March 2024.As a result of the above Separation Agreement, the Company recognized a total charge of $4.3 million including the incremental share-based compensation cost for the modified grants for the year ended December 31, 2023.

16.    COMMITMENTS AND CONTINGENCIES 

a) Concentration of Credit RiskCash and cash equivalentsThe Company monitors its concentration of credit risk with financial institutions and limits acceptable counterparties based on current rating, outlook and other relevant factors.InvestmentsThe Company’s credit risk exposure to private debt and convertible debt securities within its “Other investments” are immaterial (see Note 4). Reinsurance balances receivable, netThe following table shows the breakdown of reinsurance balances receivable:December 31, 2024December 31, 2023Amount%Amount%Premiums receivable$253,627 36.0 %$186,940 30.2 %Funds withheld:  Funds held by cedants58,183 8.3 %50,075 8.1 %  Premiums held by Lloyds' syndicates278,265 39.5 %264,278 42.7 %  Funds at Lloyd’s113,324 16.1 %115,772 18.6 %Profit commission receivable2,103 0.3 %2,302 0.4 %Deposit assets— — %888 0.1 %Total before provision705,502 100.2 %620,255 100.1 %Provision for expected credit losses(1,019)(0.1)%(854)(0.1)%Reinsurance balances receivable, net$704,483 100.1 %$619,401 100.0 %The Company has posted deposits at Lloyd’s to support underwriting capacity for certain syndicates, including Syndicate 3456 (see Note 18). Lloyd’s has a credit rating of “A+” (Superior) from A.M. Best, as revised in August 2024.Premiums receivable includes a significant portion of estimated premiums not yet due. Brokers and other intermediaries are responsible for collecting premiums from customers on the