Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 60

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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bt and Credit Facilities” of the condensed consolidated financial statements for further information.

Total shareholders’ equity

Total shareholders’ equity increased by $30.9 million to $666.8 million, compared to $635.9 million at December 31, 2024. The increase was primarily due to the net income of $29.6 million reported for the period, coupled with share-based compensation adjustment to additional paid-in capital.

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Liquidity and Capital Resources

Refer to the “Liquidity and Capital Resources” section included in Item 7 of our 2024 Form 10-K for a general discussion of our liquidity and capital resources.

Liquidity

The following table summarizes our sources and uses of funds:

Three months ended March 3120252024Total cash provided by (used in):Operating activities$10,379 $17,960 Investing activities(15,995)(29,832)Financing activities(938)(938)Effect of currency exchange on cash(1)226 (114)Net cash outflows(6,328)(12,924)Cash, beginning of period649,087 655,730 Cash, end of period$642,759 $642,806 

(1) Cash includes unrestricted and restricted cash and cash equivalents - see Note 5 of the financial statements.

Cash provided by operating activities

The $7.6 million decrease in cash provided by operating activities was driven mainly by the ebb and flow from our underwriting activities. Cash inflows from underwriting 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 $13.8 million decrease in cash used for investing activities was driven mainly by the lower net contribution in Solasglas in Q1 2025 compared to Q1 2024. 

Cash used in financing activities

The cash used in our financing activities relates to the quarterly installment for the outstanding Term Loans.

Capital Resources

The following table summarizes our debt and capital structure:

 March 31, 2025December 31, 2024Term Loans - outstanding principal$59,375 $60,313 Shareholders’ equity$666,804 $635,879 Ratio of debt to shareholders’ equity9.