GREENLIGHT CAPITAL RE LTD
For the period ended Jun 30, 2024. Filed Aug 6, 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.
Jun 30, 2024 · Filed Aug 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Capital Resources
The following table summarizes our debt and capital structure:
| June 30, 2024 | December 31, 2023 | |
|---|---|---|
| Debt | $62,188 | $74,062 |
| Shareholders’ equity | $634,020 | $596,095 |
| Ratio of debt to shareholders’ equity | 9.7% | 12.4% |
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 LOC facilities to support our reinsurance business operations where we are not licensed or admitted as a reinsurer.
Our shareholders’ equity increased in YTD 2024 primarily due to net income for the period.
Ordinary Shares
At June 30, 2024, there were 35,321,144 outstanding ordinary shares, a decrease of 15,588 since December 31, 2023, due to forfeited performance restricted shares net of issuance of ordinary shares for vested RSUs.
We did not repurchase any ordinary shares for the six months ended June 30, 2024.
We expect that the existing capital base and internally generated funds will be sufficient to implement our business strategy for the foreseeable future. However, to provide us with flexibility and timely access to public capital markets should we require additional capital for working capital, capital expenditures, acquisitions, or other general corporate purposes, we have renewed our $200.0 million shelf registration by filing the Form S-3 registration statement with the SEC, which became effective on July 5, 2024, and will expire on July 1, 2027.
Secured LOC Facilities
As disclosed in Note 9 “Debt and Credit Facilities” of Q2 2024 Financials, the $275 million committed capacity under the Citi LOC agreement will terminate on August 20, 2024. However, Citi informed the Company that it intends to continue providing the Citi LOC on an uncommitted basis for the foreseeable future following the termination date.
Contractual Obligations and Commitments
At June 30, 2024, our contractual obligations and commitments by period due were as follows:
| Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Loss and loss adjustment expense reserves (1) | $357,560 | $238,624 | $88,825 | $67,748 | $752,757 |
| Operating lease obligations | 686 | 726 | — | — | 1,412 |
| Financing activities | |||||
| Debt (2) | 2,813 | 59,375 | — | — | 62,188 |
| Total | $361,059 | $298,725 | $88,825 | $67,748 | $816,357 |
(1) Due to the nature of our reinsurance operations, the amount and timing of the cash flows associated with our reinsurance contractual liabilities will fluctuate, perhaps materially, and, therefore, are highly uncertain.
(2) See Note 9 “Debt and Credit Facilities”of the financial statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.