Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 799

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 1
Chunk 799
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, our FAL business was generated through a Lloyd’s corporate member, which we subsequently acquired effective January 1, 2023.   FAL represented approximately 40%, 35%, and 26% of our Open Market gross premiums written for the years ended December 31, 2024, 2023, and 2022, respectively. 

Innovations Segment

Our Innovations segment is led by our Head of Innovations since 2020, with over 15 years of P&C experience, with the underwriting led by our Innovations Chief Underwriting Officer, with over 22 years of P&C experience.

Innovation-related Investments

We make strategic investments in promising startup companies and MGAs, subject to investment guidelines as approved by our Board of Directors, in addition to providing reinsurance capacity on a case by case basis.  These private investments consist primarily of unlisted equities (mostly preferred shares) and debt instruments.  

In evaluating Innovations opportunities, we generally ensure that each investment meets at least one of the following criteria:

●The value we add to a partnership is derived primarily from the application of our risk expertise, not solely capital or reinsurance support;●The investment provides value to our company in specific risk areas, technology, product innovation, or other areas;●The partnership approach provides access to a pool of capital, products, or distribution;●Overall, the partnership approach creates a combined effort that generates a durable strategic or competitive position in one or more markets and increases our opportunities to achieve revenue growth and margin expansion.

Given the higher-risk nature of early / seed-stage investments, we limit our initial investment to between a range of $0.25-$2.0 million for each investee. At December 31, 2024, we have 44 private companies in our Innovations investment portfolio. See “Item 1A. Risk Factors - Risks Relating to Our Innovations Strategy”

Innovation-related Underwriting

We provide underwriting capacity to our program partners through insurance and reinsurance structures on a global basis, written on a proportional or non-proportional basis. The Innovations segment has the following lines of business:

•Casualty: includes primarily general liability and multiline casualty coverage.

•Financial: includes predominantly miscellaneous financial coverage.

•Health: includes primarily travel and other miscellaneous health coverage.

•Multiline: includes mostly business owners’ policy (“BOP”) and multiline commercial coverage, in addition to business written from our Syndicate 3456 (multiple lines of business