GREENLIGHT CAPITAL RE LTD
For the period ended Dec 31, 2024. Filed Mar 10, 2025.
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FY2024 · Filed Mar 10, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Retrocession
- RETROCESSION
From time to time, the Company purchases retrocessional coverage for one or more of the following reasons: to manage its overall exposure, reduce its net liability on individual risks, obtain additional underwriting capacity, and balance its underwriting portfolio. The Company records loss and LAE recoverable from retrocessionaires as assets.
The following table provides a breakdown of ceded reinsurance:
| Year ended December 31, | 2024 | 2023 | 2022 |
|---|---|---|---|
| Gross ceded premiums | $77,070 | $42,762 | $33,429 |
| Earned ceded premiums | $64,788 | $43,653 | $15,318 |
| Loss and loss adjustment expenses ceded | $72,095 | $25,554 | $6,615 |
Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company.
The following table shows a breakdown of losses recoverable on a gross and net of collateral basis:
| December 31, 2024 · December 31, 2023 | |||||
|---|---|---|---|---|---|
| Gross · Net of Collateral(1) · Gross · Net of Collateral(1) | |||||
| A- or better by A.M. Best | $82,181 | $63,979 | $8,767 | $8,767 | |
| Not rated | 4,109 | 2,027 | 17,407 | 2,432 | |
| Total before provision | 86,290 | $66,006 | $26,174 | $11,199 | |
| Provision for credit losses | (500) | (487) | |||
| Total loss and loss adjustment expenses recoverable, net | $85,790 | $25,687 | |||
(1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire.
At December 31, 2024, we had 3 reinsurers (2023: 3) that accounted for 10% or more of the total loss and loss adjustment expenses recoverable, net of the credit loss provision, for an aggregate gross amount of $49.5 million (2023: $20.4 million).
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