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Midas Edge

GREENLIGHT CAPITAL RE LTD

For the period ended Dec 31, 2024. Filed Mar 10, 2025.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 10, 2025

GLRE$16.37+1.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Net Investment Income

  1. NET INVESTMENT INCOME

The following table provides a breakdown of net investment income:

Years ended December 31,202420232022
Interest and dividend income, net of withholding taxes and other expenses$32,425$35,629$4,466
Investment income (loss) from Lloyd's syndicates14,4476,041(5,789)
Net realized and unrealized gains (losses) on other investments (see Note 4)(918)1,7389,858
Net investment income45,95443,4088,535
Share of Solasglas' net income (see Note 3)33,60528,69654,844
Total investment income$79,559$72,104$63,379
  1. INCOME TAXES

Components of Income Taxes

The following table shows the breakdown of the Company’s current and deferred income tax benefit (expense) on a consolidated basis:

Year ended December 31,202420232022
Current tax (expense) benefit:
Europe$(611)$(587)$(30)
U.S.(138)(100)846
Deferred tax (expense) benefit:
Europe—(1,698)(442)
U.S.———
Decrease in deferred tax valuation allowance—2,285442
Income tax (expense) benefit$(749)$(100)$816

Under current Cayman Islands law, no corporate entity, including GLRE and Greenlight Re, is obligated to pay taxes in the Cayman Islands on either income or capital gains. The Company has an undertaking from the Governor-in-Cabinet of the Cayman Islands, pursuant to the provisions of the Tax Concessions Act, as amended, that, in the event that the Cayman Islands enacts any legislation that imposes a tax on profits, income, gains, or appreciations, or any tax in the nature of estate duty or inheritance tax, such tax will not be applicable to GLRE, Greenlight Re nor their respective operations, or to the ordinary shares or related obligations, before January 22, 2045.

Verdant is incorporated in Delaware and therefore is subject to taxes in accordance with the U.S. federal rates and regulations prescribed by the U.S. Internal Revenue Service (“IRS”). Verdant’s taxable income is generally expected to be taxed at a marginal rate of 21% (2023: 21% and 2022: 21%). Verdant’s tax years 2019 and beyond remain open and may be subject to examination by the IRS.

GRIL and GRIS are incorporated in Ireland and therefore are subject to the Irish corporation tax rate of 12.5% on its trading income and 25% on its non-trading income (same tax rates for 2023 and 2022).

Greenlight Re UK and GCM are incorporated in the United Kingdom and therefore are subject to the U.K. corporate tax rate of 25% (2023: 25% and 2022: 19%) on their respective profits.

Deferred Tax Assets

The following table provides details of the significant components of deferred tax assets:

December 31, 2024December 31, 2023
Deferred tax assets:
Operating and capital loss carryforwards$374$1,087
Valuation allowance——
Deferred tax assets, net of valuation allowance$374$1,087

At December 31, 2024, the Company has determined that it is more likely than not that it will fully realize the recorded deferred tax asset in the future based on the expected timing of the reversal of the temporary differences and the likelihood of generating sufficient taxable income to realize the future tax benefit.

Tax Loss Carryforwards

At December 31, 2024, GRIL had a net operating loss carryforward of $3.0 million (2023: $8.7 million) which can be carried forward indefinitely.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.