Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 51

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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). Reinsurance balances receivable, netThe following table shows the breakdown of reinsurance balances receivable:June 30, 2025December 31, 2024Amount%Amount%Premiums receivable$273,902 36.3 %$253,627 36.0 %Funds withheld:  Funds held by cedants51,402 6.8 %58,183 8.3 %  Premiums held by Lloyds' syndicates314,910 41.7 %278,265 39.5 %  Funds at Lloyd’s112,732 14.9 %113,324 16.1 %Profit commission receivable3,369 0.4 %2,103 0.3 %Total before provision756,315 100.1 %705,502 100.2 %Provision for expected credit losses(1,019)(0.1)%(1,019)(0.1)%Reinsurance balances receivable, net$755,296 100.0 %$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 premiums from customers on the Company’s behalf.  The Company monitors its concentration of credit risks from brokers.  The diversity in the Company’s client base limits credit risk associated with premiums receivable and 

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funds (premiums) held by cedents.  Further, under the reinsurance contracts the Company has contractual rights to offset premium balances receivable and funds held by cedants against corresponding payments for losses and loss expenses.Loss and loss adjustment expenses recoverable, netThe Company regularly evaluates its net credit exposure to the retrocessionaires and their abilities to honor their respective obligations. See Note 8 for analysis of concentration of credit risk relating to retrocessionaires.b) Lease ObligationsThere was no material change to the Company’s operating lease agreements subsequent to its 2024 Form 10-K.c) Litigation

From time to time, in the ordinary course of business, the Company may be involved in formal and informal