Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 120

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 120
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 under powers conferred by the Lloyd’s Act 1982.  These rules prescribe members’ membership subscription, the level of their contributions to the Lloyd’s Central Fund and the assets they must deposit with Lloyd’s in support of their underwriting. Further, the Council of Lloyd’s has broad powers to sanctions breaches of its rules, including the power to restrict or prohibit a member’s participation on Lloyd’s syndicates.The underwriting capacity of a member of Lloyd’s must be supported by providing a deposit, known as “Funds at Lloyds” or “FAL”, in the form of cash, certain investment securities, or letters of credit. The FAL is not available for distributions for the payment of dividends or for working capital requirements. Further, corporate members may also be required to maintain funds under the control of Lloyd’s in excess of their capital requirements and such funds also may not be available for distribution for the payment of dividends.  The amount of FAL for Syndicate 3456 is determined by Lloyd’s and is based on Syndicate 3456’s solvency and capital requirement based on an internal capital model.  See Note 16 for total FAL for Syndicate 3456 and other syndicates in which the Company has a participation interest.

19.     SUBSEQUENT EVENTS

Due to the California wildfires commencing in January 2025, the Company has estimated losses ranging from $15 million to $30 million, net of reinstatement premiums, to be recognized in the first quarter of 2025. The Company’s assessment of the impact of the California wildfires is preliminary, and is based on, among other things, initial industry insured loss estimate of $40 billion to $50 billion, market share analysis, and a review of in-force contracts. This estimate is subject to significant management judgment due to the preliminary nature of the information available thus far from industry participants, the magnitude and recency of the California wildfires, and other factors. 

F-53

SCHEDULE IGREENLIGHT CAPITAL RE, LTD.SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIESAS OF DECEMBER 31, 2024 (expressed in thousands of U.S. dollars) Type of InvestmentCostFair ValueBalanceSheet ValueOther investments:Private investments and unlisted equities $28,111 $71,867 $71,867 Debt and convertible debt securities2,713 1,293 1,293 Total other investments30,