Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 444

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 8
Chunk 444
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 attributable to Innovations segment (see Note 4 - Other Investments).The Company had no intersegment revenues for the years ended December 31, 2024, 2023, and 2022.Concentration of revenueThe Company has a diverse client base, for which there was no individual customer that accounted for more than 10% of the total consolidated gross premiums written for the years ended December 31, 2024, 2023, and 2022.

F-51

Premiums by Geographic AreaThe following table presents gross premiums written by the geographical location of the Company’s subsidiaries:Year ended December 31,202420232022Ireland$160,736 23.0 %$95,371 15.0 %$246,637 43.8 %United Kingdom176,336 25.3 192,699 30.3 — — Cayman Islands361,263 51.7 348,740 54.7 316,534 56.2 $698,335 100.0 %$636,810 100.0 %$563,171 100.0 %

18.     STATUTORY REQUIREMENTS 

The Company’s reinsurance operations are subject to insurance laws and regulations in the jurisdictions in which they operate, principally in the Cayman Islands and in Ireland.  Additionally, the Company’s Syndicate 3456 is regulated by Lloyd’s.  These regulations include certain restrictions on the amount of dividends or other distribution, such as loans or cash advances, available to shareholders without prior approval of the respective regulatory authorities.The statutory capital and surplus and required minimum statutory capital and surplus of the Company’s most significant regulated reinsurance operations are detailed below:Cayman IslandsIrelandAt December 31,2024202320242023Statutory capital and surplus603,095 $569,044 64,677 58,721 Required statutory capital surplus307,875 256,586 39,759 39,367 Excess statutory capital295,220 $312,458 24,918 $19,354 The statutory net income for the Company’s most significant regulated reinsurance operations were as follows:Greenlight ReGRILYear ended December 31, 2024$47,360 $4,368 Year ended December 31, 2023$85,464 $11,479 Year ended December 31, 2022$