GREENLIGHT CAPITAL RE LTD
For the period ended Mar 31, 2024. Filed May 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Liquidity
The following table summarizes our sources and uses of funds:
| Three months ended March 31 | ||
|---|---|---|
| 2024 | 2023 | |
| Total cash provided by (used in): | ||
| Operating activities | $17,960 | $(1,259) |
| Investing activities | (29,832) | (22,076) |
| Financing activities | (938) | (17,085) |
| Effect of currency exchange on cash(1) | (114) | 132 |
| Net cash inflows (outflows) | (12,924) | (40,288) |
| Cash, beginning of period | 655,730 | 706,548 |
| Cash, end of period | $642,806 | $666,260 |
(1)Cash includes unrestricted and restricted cash and cash equivalents - see Note 5 of the financial statements.
Cash provided by operating activities
The increase in cash provided by operating activities was driven mainly by $3.0 million improved underwriting income, coupled with the ebb and flow from our underwriting activities, which may vary significantly from period to period depending on the mix of business, the nature of underwriting opportunities available and volume of claims submitted to us by our cedents.
Cash used in investing activities
The increase in cash used for investing activities was driven mainly by the net change in our investment in SILP where we made a net contribution of $30.0 million during Q1 2024 compared to a net redemption of $21.0 million during Q1 2023. During Q1 2023, we also made $1.1 million additional Innovations-related investments.
Cash used in financing activities
The decrease in cash used in our financing activities was driven mainly by the repurchase of a portion of the outstanding Convertible Notes in Q1 2023. In Q1 2024, we made the quarterly installment on the Term Loans.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.