Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 530

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 1A
Chunk 530
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, and reinsurance recoverables. Cash outflows principally include payments of losses and LAE, payments of retrocession premiums, and operating expenses. Cash provided by operating activities may vary significantly from period to period due to the timing of these inflows and outflows.

Cash used in investing activities

The $43.4 million increase in cash used for investing activities was driven predominantly by an increase in the net contribution to Solasglas.

Cash used in financing activities

Financing cash outflows in 2024 were driven mainly by the $7.5 million of share repurchases and $13.8 million of debt repayments.  

Financing cash outflows in 2023 were driven by the $17.2 million repurchase of convertible senior notes; partially offset by the net proceeds from the debt refinancing where we issued $75.0 million of Term Loans to repay the remaining $62.1 million convertible senior notes.  

Capital Resources

The following table summarizes our debt and capital structure:

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 20242023Debt - outstanding principal$60,313 $74,062 Shareholders’ equity635,879 596,095 Total capital$696,192 $670,157 Ratio of debt to shareholders’ equity9.5 %12.4 %

The debt to shareholders’ equity provides an indication of our leverage and capital structure, along with some insights into our financial strength.  In addition to the above capital, we also have LOC facilities to support our reinsurance business operations where we are not licensed or admitted as a reinsurer (see Note 9 “Debt and Credit Facilities” of the consolidated financial statements for further information).

Debt

As a result of a $10.0 million voluntary repayment and regular quarterly installments, our total debt (including accrued interest) decreased by $12.5 million, or 17.1%, to $60.7 million at the end of December 31, 2024, down from $73.3 million on December 31, 2023. 

Total shareholders’ equity

Total shareholders’ equity increased by $39.8 million to $635.9 million, compared to $596.1 million at December 31, 2023. The increase was primarily due to the net income of $42.8 million reported for the year, coupled with share-based compensation adjustment to additional paid-in capital. This was partially offset by $7.5 million of share repurchases in the open market at an average price