Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 253

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 1
Chunk 253
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 intermediaries in the reinsurance marketplace. By maintaining close relationships with brokers, we believe that we will continue to obtain access to a broad range of reinsurance clients and opportunities. 

We seek to strengthen our broker relationships and become the preferred choice of brokers and clients by providing, where applicable:

●demonstrated expertise in the underlying reinsured exposures and the operation of the contracts;●rapid responses to risk submissions; ●timely claims payments;  ●customized solutions that address the specific business needs of our clients;  ●financial security; and ●a clear indication of risks we will and will not underwrite.

We focus on the quality and financial strength of any brokerage firm we conduct business with. Brokers do not have the authority to bind us to any reinsurance contract. Their commissions are generally determined based on a percentage of gross premiums written. 

The following table shows the percentage of our Open Market’s gross premiums written by broker, shown individually where a broker accounted for 10% or more of the total, in any of the last three years:

202420232022Aon plc22.0 %15.7 %30.2 %Marsh & McLennan19.2 %24.1 %12.3 %Willis Group Holdings plc16.8 %17.6 %20.1 %Howden Group Holdings15.3 %13.4 %10.3 %All others and MGAs 26.7 %29.2 %27.0 %Total100.0 %100.0 %100.0 %

We frequently meet in the Cayman Islands, Ireland, U.K. and elsewhere with brokers and senior representatives of clients and prospective clients. We review and (when we deem appropriate) approve all contract submissions in the Cayman Islands or Ireland. Due to our dependence on brokers, the inability to obtain business from them could adversely affect our business 

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strategy. See “Item 1A. Risk Factors — Risks Related to Our Business — The loss of significant brokers or customers, could materially and adversely affect our business, financial condition and results of operations.” We may assume a degree of the credit risk of our reinsurance brokers. See “Item 1A. Risk Factors — Risks Related to Our Business — We are subject to the credit risk of our brokers, cedents, agents and other counterparties.” 

Prior to January 1, 2023