Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 601

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 1A
Chunk 601
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 From time to time, the Company purchases retrocessional coverage for one or more of the following reasons: to manage its overall exposure, reduce its net liability on individual risks, obtain additional underwriting capacity, and balance its underwriting portfolio. The Company records loss and LAE recoverable from retrocessionaires as assets. The following table provides a breakdown of ceded reinsurance:Year ended December 31,202420232022Gross ceded premiums$77,070 $42,762 $33,429 Earned ceded premiums$64,788 $43,653 $15,318 Loss and loss adjustment expenses ceded$72,095 $25,554 $6,615 Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company. The following table shows a breakdown of losses recoverable on a gross and net of collateral basis:

F-37

December 31, 2024December 31, 2023 GrossNet of Collateral(1)GrossNet of Collateral(1)A- or better by A.M. Best$82,181 $63,979 $8,767 $8,767 Not rated4,109 2,027 17,407 2,432 Total before provision86,290 $66,006 $26,174 $11,199 Provision for credit losses(500)(487)Total loss and loss adjustment expenses recoverable, net$85,790 $25,687 (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 December 31, 2024, we had 3 reinsurers (2023: 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 $49.5 million (2023: $20.4 million).

9.    DEBT AND CREDIT FACILITIES 

Debt ObligationsThe following table summarizes the Company’s outstanding debt obligations.December 31, 2024December 31, 2023Term loans$60,313 $74,062 Accru