Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 80

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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 activities generally include premiums, net of acquisition costs, 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 $7.3 million decrease in cash used for investing activities was driven mainly by the lower net contribution in Solasglas in YTD 2025 compared to YTD 2024. 

Cash used in financing activities

During YTD 2025, we repurchased $5.0 million of our ordinary shares, compared to none in YTD 2024. Additionally, we partially repaid $1.9 million of the Term Loans in YTD 2025, compared to $11.9 million in YTD 2024. 

Capital Resources

The following table summarizes our debt and capital structure:

 June 30, 2025December 31, 2024Term Loans - outstanding principal$58,438 $60,313 Shareholders’ equity$663,318 $635,879 Ratio of debt to shareholders’ equity8.9 %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.

Ordinary Shares

At June 30, 2025, there were 34,198,153 outstanding ordinary shares, a decrease of 633,171 since December 31, 2024, mainly due to 357,278 of share repurchases, coupled with 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 Q2 2025 Financials. 

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Contractual Obligations and Commitments

At June 30, 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 (