Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 21

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 21
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5% of Solasglas’ portfolio was valued based on quoted prices in actively traded markets (Level 1), 4.0% 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 June 30, 2025, 1.5% 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.  We made five new investments and increased our investment in one position during YTD 2025, for a total of $2.7 million.  For YTD 2024, we invested $0.4 million.

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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 decreased by $7.7 million, or 1.3%, from $584.4 million at December 31, 2024, to $576.7 million at June 30, 2025. 

Reinsurance balances receivable 

Our reinsurance balances receivable increased by $50.8 million, or 7.2%, to $755.3 million from $704.5 million at December 31, 2024. This was driven primarily by $20.3 million increase in premiums receivable, net of collections, and $29.3 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 $84.0 million, or 9.8%, to $945.0 million from $861.0 million at December 31, 2024, driven by the increase in earned premium from the renewal of reinsurance treaties and new business, an increase in foreign currency translation, and an increase in the overall loss ratio for YTD 2025.  This was offset partially by paid losses during YTD 2025. See Note 7 “Loss and Loss Adjustment Expense Reserves” of the condensed consolidated financial statements for a summary of changes in outstanding loss and LAE reserves and a description of prior period loss developments. 

Our total loss and LAE recoverable increased by $8.2 million, or 9.5%, to