Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 54

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 investment management agreement (the “CMA”) with DME Advisors, pursuant to which DME Advisors manages certain assets of the Company that are not subject to the Solasglas LPA and are held by the Company to provide collateral required by the cedents in the form of trust accounts and letters of credit. In accordance with the CMA, DME Advisors receives no fees and is required to comply with the collateral investment guidelines. The CMA can be terminated by any of the parties upon 30 days’ prior written notice to the other parties.

15.      COMMITMENTS AND CONTINGENCIES 

 a) Concentration of Credit RiskCash and cash equivalentsThe Company monitors its concentration of credit risk with financial institutions and limits acceptable counterparties based on current rating, outlook and other relevant factors.InvestmentsThe Company’s credit risk exposure to private debt and convertible debt securities within its “Other investments” are immaterial (see Note 4). Reinsurance balances receivable, netThe following table shows the breakdown of reinsurance balances receivable:September 30, 2025December 31, 2024Amount%Amount%Premiums receivable$256,820 35.1 %$253,627 36.0 %Funds withheld:  Funds held by cedants33,842 4.6 %58,183 8.3 %  Premiums held by Lloyds' syndicates335,785 45.9 %278,265 39.5 %  Funds at Lloyd’s102,473 14.0 %113,324 16.1 %Profit commission receivable3,806 0.5 %2,103 0.3 %Total before provision732,726 100.1 %705,502 100.2 %Provision for expected credit losses(1,019)(0.1)%(1,019)(0.1)%Reinsurance balances receivable, net$731,707 100.0 %$704,483 100.1 %The Company has posted deposits at Lloyd’s to support underwriting capacity for certain syndicates, including Syndicate 3456. Lloyd’s has a credit rating of “A+” (Superior) from A.M. Best, as revised in August 2024.Premiums receivable includes a significant portion of estimated premiums not yet due. Brokers and other intermediaries are responsible for collecting