Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 61

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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0 %9.5 %

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 LC facilities to support our reinsurance business operations where we are not licensed or admitted as a reinsurer.

36

Ordinary Shares

At March 31, 2025, there were 34,557,449 outstanding ordinary shares, a decrease of 273,875 since December 31, 2024, mainly due to the net forfeited performance restricted stock awards granted in 2022. This was partially offset by the issuance of ordinary shares for vested service RSUs.

We expect that the existing capital base and internally generated funds will be sufficient to implement our business strategy for the foreseeable future.

Secured LC Facilities

See Note 9 “Debt and Credit Facilities” of Q1 2025 Financials. The increase in issued LCs is predominantly due to renewed reinsurance business.

Contractual Obligations and Commitments

At March 31, 2025, our contractual obligations and commitments by period due were as follows: 

Less than 1 year1-3 years3-5 yearsMore than 5 yearsTotalOperating activities  Loss and loss adjustment expense reserves (1)$360,224 $316,227 $112,742 $127,407 $916,600   Operating lease obligations505 206 — — 711 Financing activities  Debt (2)2,969 56,406 — — 59,375 Total$363,698 $372,839 $112,742 $127,407 $976,686 

(1) Due to the nature of our reinsurance operations, the amount and timing of the cash flows associated with our reinsurance contractual liabilities will fluctuate, perhaps materially, and, therefore, are highly uncertain.

(2) See Note 9 “Debt and Credit Facilities” of the financial statements.

Critical Accounting Estimates

Our financial statements contain certain amounts that are inherently subjective and have required management to make assumptions and best estimates to determine reported values. If certain factors, including those described in “Part II. Item 1A. Risk Factors” included in our 2024 Form 10-K, cause actual events or results to differ materially from our underlying assumptions or estimates. In that case, there could be a material adverse effect on our